NioCorp Developments (NB) S-1 12 Apr 17 IPO registration Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Dec. 31, 2016
Document And Entity Information
Entity Registrant Name	NIOCORP DEVELOPMENTS LTD
Entity Central Index Key	1,512,228
Document Type	S1
Trading Symbol	NIOBF
Document Period End Date	Dec. 31, 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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Current
Cash	$ 729	$ 4,412	$ 753
Restricted cash	265
Receivables	5	5	14
Prepaid expenses	31	101	58
Total current assets	1,030	4,518	825
Non-current
Deposits	64	65	67
Available for sale securities at fair value	37	32	46
Equipment	10	14	20
Mineral interests	10,617	10,617	10,617
Total assets	11,758	15,246	11,575
Current
Accounts payable and accrued liabilities	2,073	1,256	4,440
Related party loan	1,000	1,000	1,500
Flow-through tax liability			624
Convertible debt, current	4,827
Total current liabilities	7,900	2,256	6,564
Convertible debt, net of current	530	6,466
Derivative liability, convertible debt	173	330
Total liabilities	8,603	9,052	6,564
Commitments
SHAREHOLDERS' EQUITY
Common stock, unlimited shares authorized; shares outstanding: 185,598,129, 180,467,990 and 156,420, 334 at December 31, 2016, June 30, 2016 and June 30, 2015 respectively	61,059	58,401	47,617
Additional paid-in capital	9,024	8,630	7,250
Accumulated deficit	(66,544)	(60,222)	(48,814)
Accumulated other comprehensive loss	(384)	(615)	(1,042)
Total equity	3,155	6,194	5,011
Total liabilities and equity	$ 11,758	$ 15,246	$ 11,575

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - shares	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common stock, authorized	Unlimited	Unlimited	Unlimited
Common stock, outstanding	185,598,129	180,467,990	156,420,334

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating expenses
Consulting	$ 1	$ 67	$ 1	$ 131	$ 201	$ 242
Depreciation	2	2	4	4	9	10
Employee related costs	496	182	1,036	520	1,988	3,413
Finance costs		266		278	242	39
Professional fees	279	89	612	122	512	435
Exploration expenditures	2,397	432	4,367	2,396	4,719	18,051
Other operating expenses	175	265	310	491	1,847	3,178
Impairment of equipment						112
Total operating expenses	3,350	1,303	6,330	3,942	9,518	25,480
Change in financial instrument fair value	(39)	1,398	(335)	1,369	2,719
Other gains					(587)
Interest and other income						(16)
Foreign exchange (gain) loss	160	47	193	197	(528)	434
Interest expense	71	88	140	141	275
Loss (gain) on available for sale securities	5		(6)	(6)	11	(28)
Loss before income taxes	3,547	2,836	6,322	5,643	11,408	25,870
Income tax benefit						(2,755)
Net loss	3,547	2,836	6,322	5,643	11,408	23,115
Other comprehensive (gain) loss:
Net loss	3,547	2,836	6,322	5,643	11,408	23,115
Other comprehensive (gain) loss:
Reporting currency translation	(165)	(717)	(231)	(951)	(427)	959
Total comprehensive loss	$ 3,382	$ 2,119	$ 6,091	$ 4,692	$ 10,981	$ 24,074
Loss per common share, basic and diluted (in dollars per shares)	$ 0.02	$ 0.02	$ 0.03	$ 0.04	$ 0.07	$ 0.17
Weighted average common shares outstanding (in shares)	183,625,989	158,287,652	182,078,028	157,943,346	164,038,509	136,045,244

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Total loss for the period	$ (6,322)	$ (5,643)	$ (11,408)	$ (23,115)
Non-cash elements included in net loss:
Depreciation	4	4	9	10
Change in financial instrument fair value	(335)	1,369	2,719
Warrants expense			540	2,159
Unrealized loss (gain) on available-for-sale investments	(6)	(6)	11	(28)
Impairment of equipment				112
Accretion of convertible debt	108	38	81
Deferred taxes				(2,755)
Foreign exchange (gain) loss	174	260	(247)	183
Other non-cash items			(587)
Share-based compensation	394	68	1,049	2,506
Subtotal	(5,983)	(3,910)	(7,833)	(20,928)
Change in working capital items:
Receivables		10	8	25
Prepaid expenses	68	39	(63)	(39)
Accounts payable and accrued liabilities	842	(3,114)	(3,086)	3,625
Net cash used in operating activities	(5,073)	(6,975)	(10,974)	(17,317)
CASH FLOWS FROM INVESTING ACTIVITIES
Deposits				(14)
Restricted cash funding	(265)
Acquisition of equipment		(2)	(4)	(27)
Net cash used in investing activities	(265)	(2)	(4)	(41)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of capital stock	1,675	926	9,993	13,979
Share issue costs			(151)	(521)
Stock subscriptions		2,321
Issuance of convertible debt		4,800	5,060
Related party debt draws		600	600	1,500
Related party debt repayment			(1,100)
Net cash provided by financing activities	1,675	8,647	14,402	14,958
Exchange rate effect on cash	(20)	(30)	235	345
Change in cash during the period	(3,683)	1,640	3,659	(2,055)
Cash, beginning of period	4,412	753	753	2,808
Cash, end of period	729	2,393	4,412	753
Supplemental cash flow information:
Amounts paid for interest	32		144
Amounts paid for income taxes
Non-cash financing transaction	$ 983		$ 638

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Deficit [Member]	Accumulated Other Comprehensive Income/Loss [Member]	Total
Balance, beginning at Jun. 30, 2014	$ 33,667	$ 2,933	$ (25,699)	$ (83)	$ 10,818
Balance, beginning (in shares) at Jun. 30, 2014	122,884,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Private placement - November 2014	$ 8,846				8,846
Private placement - November 2014 (in shares)	19,245,813
Private placement - March 2015	$ 1,722				1,722
Private placement - March 2015 (in shares)	2,914,000
Exercise of warrants	$ 2,368				2,368
Exercise of warrants (in shares)	5,125,805
Exercise of options	$ 1,042				1,042
Exercise of options (in shares)	6,250,000
Share issuance costs	$ (708)	187			(521)
Fair value of stock options exercised	680	(680)
Fair value of warrants granted to ThyssenKrupp		1,854			1,854
Fair value of warrants for financial services agreement		268			268
Fair value of warrants for sponsorship agreement		99			99
Share-based payments		2,589			2,589
Reporting currency presentation				(959)	(959)
Loss for the year			(23,115)		(23,115)
Balance, ending at Jun. 30, 2015	$ 47,617	7,250	(48,814)	(1,042)	$ 5,011
Balance, ending (in shares) at Jun. 30, 2015	156,420,334				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 year			(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	$ 1,675				$ 1,675
Exercise of warrants (in shares)	3,447,137
Debt conversions	$ 983				983
Debt conversions (in shares)	1,683,002
Share-based payments		394			394
Reporting currency presentation				231	231
Loss for the year			(6,322)	(6,322)	(6,322)
Balance, ending at Dec. 31, 2016	$ 61,059	$ 9,024	$ (66,544)	$ (384)	$ 3,155
Balance, ending (in shares) at Dec. 31, 2016	185,598,129				185,598,129

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 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.	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 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. 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	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Accounting Policies [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 December 31, 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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, to 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. The Company adopted this standard during the three-month period ended December 31, 2016, and the adoption of this standard had no material impacts on our financial statements. In February 2016, the FASB issued 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 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230), Restricted Cash. The standard provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Other than the revised statement of cash flows presentation of restricted cash (if any), the adoption of this new guidance is not expected to have an impact on our financial statements. 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.	2. BASIS OF PREPARATION a) Basis of Preparation and Consolidation These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”). Certain transactions include reference to Canadian dollars (“C$”) where applicable. These consolidated financial statements include the accounts of the Company and the subsidiaries listed in the following table. All intercompany transactions and balances have been eliminated. Country of Ownership at June 30, incorporation 2016 2015 0896800 BC Ltd. Canada 100 % 100 % Elk Creek Resources Corp. USA 100 % 100 % Silver Mountain Mines Corp. USA 100 % 100 % b) 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	3. SIGNIFICANT ACCOUNTING POLICIES a) Exploration Stage Enterprise The Company is in the exploration stage of operation and devotes substantially all of its efforts to acquiring and exploring mining interests that management believes should eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in commercial production, the Company will continue to seek additional funding to support the completion of its exploration and development activities. The Company’s activities are subject to significant risks and uncertainties, including its ability to secure sufficient funding to continue operations, to obtain proven and probable reserves, to comply with industry regulations and obtain permits necessary for development of the Elk Creek Project, as well as environmental risks and market conditions. b) Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, cash in banks, investments in certificates of deposit with original maturities of 90 days or less, and money market funds. c) Foreign Currency Translation Functional and reporting currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of the Company is the Canadian Dollar. Effective July 1, 2015, the Corporation changed the functional currency for Elk Creek Resources Corp., a wholly-owned subsidiary, from the Canadian Dollar to the U.S. Dollar. This change was made as a greater percentage of expenditures for technical and administrative services, and raised financings are denominated in U.S. Dollars. No other entities in the Group were affected by this change in functional currency. This change in judgment has been accounted for prospectively in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 830. The reporting currency for these consolidated financial statements is U.S. Dollars. Transactions in foreign currency Transactions made in a currency other than Canadian Dollars are translated to the functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date and non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Foreign currency gains and losses arising from translation are included in profit or loss. Translation to reporting currency The results and financial position of entities that have a functional currency different from the reporting currency are translated into the reporting currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the end of the reporting date. • Income and expenses for each statement of income are translated at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions. • All resulting exchange differences are recognized in other comprehensive income. d) Available for Sale Securities Available for sale securities are recorded at fair value through the statement of operations pursuant to the fair value option permitted by ASC 825, Financial Instruments. e) Equipment Equipment is stated at cost less accumulated depreciation. The residual value, useful life and depreciation method are evaluated every reporting period and changes to the residual value, estimated useful life or depreciation method resulting from such review are accounted for prospectively. Depreciation is provided for using the straight line basis at the following rates per annum: Computer equipment three years Furniture and equipment five years f) Mineral Properties Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair market value of common shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under SEC Industry Guide 7, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future are written off. g) Long Lived Assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. h) Financial Instruments The Company’s financial instruments consist of cash, receivables, available for sale securities, accounts payable and accrued liabilities, convertible debt and the related party loan. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these instruments approximate their carrying value unless otherwise noted. i) Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents, The Company holds invests or maintains available cash primarily in two commercial banks located in Vancouver, British Columbia and Santa Clara, California. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions. j) Asset Retirement Obligation The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration and evaluation activities. The estimated costs associated with environmental remediation obligations are accrued in the period in which the liability is incurred if it is reasonably estimable or known. Until such time that a project life is established, the Company records the corresponding cost as an exploration stage expense, and has accrued $85 related to estimated obligations as of June 30, 2016 (2015 - $nil). Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised. k) Income Taxes Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25, “Income Taxes – Recognition”. l) Basic and Diluted Per Share Disclosure Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. In computing diluted earnings per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities. Potentially dilutive shares, such as stock options and warrants, are excluded from the calculation when their inclusion would be anti-dilutive, such as when the exercise price of the instrument exceeds the fair market value of the Company’s common stock and when a net loss is reported. The dilutive effect of convertible debt securities is reflected in the diluted earnings (loss) per share calculation using the if-converted method. Conversion of the debt securities is not assumed for purposes of calculating diluted earnings (loss) per share if the effect is anti-dilutive. m) Stock Based Compensation The Company grants stock options to directors, officers, and employees. Option terms and vesting conditions are at the discretion of the Board of Directors. The option exercise price is equal to the closing market price on the Toronto Stock Exchange on the Toronto Stock Exchange on the day preceding the date of grant. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed. n) Recent Accounting Standards 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. In February 2016, the FASB issued Accounting Standard Update 2016-02, Leases In November 2015, the FASB issued ASU 2015-17 which simplifies income tax accounting. The update requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This update is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. The Company elected to early adopt this standard as of July 1, 2014. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs 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 In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern

GOING CONCERN ISSUES

GOING CONCERN ISSUES	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN ISSUES	3. GOING CONCERN ISSUES The Company incurred a loss of $6,322 for the six months ended December 31, 2016 (2015 - $5,643), and has an accumulated deficit of $66,544 as of December 31, 2016. In addition, the Company has a working capital deficiency of $6,870 as of December 31, 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.	4. GOING CONCERN ISSUES The Company incurred a loss of $11,408 for the year ended June 30, 2016 (2015 - $23,115), and has an accumulated deficit of $60,222 as of June 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.

MINERAL INTERESTS

MINERAL INTERESTS	12 Months Ended
	Jun. 30, 2016
Mineral Industries Disclosures [Abstract]
MINERAL INTERESTS	5. MINERAL INTERESTS During the year ended June 30, 2011, the Company completed the acquisition of the Elk Creek property through a share exchange agreement with 0859404 BC Ltd, a Canadian company, which owned all the issued and outstanding shares of Elk Creek Resources Corp. ("Elk Creek"). The Company issued 18,990,539 common shares to acquire all of the issued and outstanding shares of 0859404 BC Ltd. and issued 1,034,348 common shares as a finder’s fee with respect to the acquisition. The transaction did not meet the definition of a business acquisition, as set forth in ASC 805, and therefore was accounted for as a purchase of assets. The acquisition price was based on the market value of the Company’s common shares on the closing date and total consideration given was C$13,246, including associated deferred tax impacts, of C$4,736. The property interests of Elk Creek consist of a number of prepaid five-year mineral exploration lease agreements, and include a pre-determined buyout for permanent ownership of the mineral rights. Terms of the agreements require no further significant payments until the conclusion of the prepaid lease, at which time the Company may negotiate lease extensions or elect to buyout the mineral rights. Certain agreements also contain provisions to purchase surface rights, and several contain provisions whereby the landowners would retain a 2% NSR. During the year ended June 30, 2015, the Company executed 5-year extensions to all landholder agreements covering 100% of the mineralized materials at the Elk Creek Project.

FLOW THROUGH LIABILITIES

FLOW THROUGH LIABILITIES	12 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
FLOW THROUGH LIABILITIES	6. FLOW THROUGH LIABILITIES The Company issued 8,337,000 common shares to Canadian investors on a flow-through basis for gross proceeds of C$2,501 in November 2010. The Company was required to incur eligible flow-through expenditures up to November 2011. The Company was short by approximately C$1,470 in meeting this requirement. Under the subscription agreement with the Canadian investors, the Company has an obligation to indemnify the subscriber for any taxes that may arise from the Company failing to meet the flow-through expenditure requirements. The Company did not receive any claims through April 30, 2016 against this accrual, and the accrual was reversed on April 30, 2016 and the Company recorded a corresponding gain of $587 in ‘other gains’. All claims after May 1, 2016 will be evaluated through the statute of limitations of the Canada Revenue Agency and expensed as incurred.

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
RESTRICTED CASH	4. RESTRICTED CASH Restricted cash represents amounts held in escrow to secure payment of work related to the Company’s Elk Creek Project feasibility study. 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	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Debt Disclosure [Abstract]
CONVERTIBLE DEBT	5. CONVERTIBLE DEBT As of December 31, 2016 June 30, 2016 Current: Convertible Security $ 4,827 $ - Long Term, net of current: Convertible Security $ - $ 5,991 Convertible Notes 530 475 $ 530 $ 6,466 Convertible Security Funding Changes in the Lind Partners Asset Management IV, LLC (“Lind”) convertible security (the “Convertible Security”) balance are comprised of the following: Convertible Security Balance, June 30, 2016 $ 5,991 Conversions, at fair value (983 ) Change in fair market value (181 ) Balance, December 31, 2016 $ 4,827 The Convertible Security is convertible into Common Shares of the Company at a conversion price equal to 85% of the volume weighted average trading price of the Common Shares (in Canadian dollars) on the TSX for the five consecutive trading days immediately prior to the date on which the Lind provides the Company with notice of its intention to convert an amount of the Convertible Security from time to time. During the three-month period ended December 31, 2016, $825 face value of the Convertible Security was converted into 1,683,002 Common Shares. 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 December 31, 2016. Convertible Notes Changes in the Company’s outstanding convertible promissory notes (the “Convertible Notes”) balance are comprised of the following: Convertible Notes Balance, June 30, 2016 $ 475 Accreted interest, net of interest paid 55 Balance, December 31, 2016 $ 530 The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Balance, June 30, 2016 $ 330 Change in fair value of derivative liability (157 ) Balance, December 31, 2016 $ 173	7. CONVERTIBLE DEBT As of June 30, 2016 2015 Convertible Notes $ 475 $ - Convertible Security 5,991 - $ 6,466 $ - Convertible Notes The Company completed a non-brokered private placement of unsecured convertible promissory notes (the “Notes”), for gross proceeds of $800 (the “Private Placement”) in October 2015. The Notes bear interest at a rate of 8%, payable quarterly in arrears, are non-transferable and have a term of three years from the date of issue. Principal under the Notes is convertible by lenders at any time into, and payable by the Company in, common shares of the Company at a conversion price of C$0.97 per common share, calculated on conversion or repayment using the then-current Bank of Canada noon exchange rate. Accrued but unpaid interest on the Notes will be convertible by lender into, and payable by the Company in, common shares at a price per common share equal to the most recent closing price of the Company’s common shares prior to the delivery to the Company of a request to convert interest, or the due date of interest, as applicable, calculated using the then-current Bank of Canada noon exchange rate. Interest, when due, is payable either in cash or Shares, at the election of the Company. The conversion feature of the debentures meets the definition of a derivative liability instrument because the conversion feature is denominated in a currency other than the Company’s Canadian dollar functional currency and the conversion rate is variable and therefore does not meet the “fixed-for-fixed” criteria outlined in ASC 815-40-15. As a result, the conversion feature of the debentures is required to be recorded as a derivative liability recorded at fair value and marked-to-market each period with the changes in fair value each period being charged or credited to income. The following table discloses the components associated with this transaction on the closing date: Convertible Notes Face value of Notes on closing $ 800 Less: Transaction costs (47 ) Conversion component (360 ) Convertible notes, opening balance $ 393 The Company incurred transaction costs of $47, which have been added to the carrying amount of the financial liability and are amortized as part of the effective interest rate. Changes in the Notes balance are comprised of the following: Convertible Notes Notes, balance on closing $ 393 Accreted interest, net of interest paid 82 Balance, June 30, 2016 $ 475 The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Opening balance $ 360 Change in fair value of derivative liability (30 ) Balance, June 30, 2016 $ 330 Lind Partners Convertible Security Funding On December 22, 2015, the Company closed a definitive convertible security funding agreement (the "Lind Agreement") with Lind Asset Management IV, LLC (“Lind”). The Lind Agreement is comprised of a $4,500 principal amount, 10% secured convertible security (the “Convertible Security”) and 3,125,000 transferable common share purchase warrants (the “Lind Warrants”). The Convertible Security has a term of two years from its date of issuance, and interest is prepaid and added to its principal amount; accordingly, the initial face value of the Convertible Security is $5,400, and the yield of the Convertible Security (if held, unconverted, to maturity) will be 10% per annum, or $900. Each Lind Warrant will entitle the holder to purchase one additional common share (a “Lind Warrant Share”) at a price of C$0.72 on or before December 22, 2018. Lind can increase the funding under the Convertible Security by an additional $1,000 during its two-year term. Further, provided certain conditions are met, the Company will have the right to call an additional $1,000 under the funding agreement. The Convertible Security is convertible into common shares of the Company at a conversion price equal to 85% of the volume weighted average trading price of the common shares (in Canadian dollars) for the five consecutive trading days immediately prior to the date on which the Investor provides the Company with notice of its intention to convert an amount of the Convertible Security from time to time. The issuance of the Convertible Security and the Lind Warrants was completed on a non-brokered private placement basis. The Company has elected to account for the Convertible Security at fair value. Transaction costs of $214, including a 3% closing fee paid to Lind $135, were expensed at closing. In addition, the Company recognized $620 in change in financial instrument fair value in the consolidated statement of operations related to fair value of the Lind Warrants at closing. The fair value of the Lind Warrants was estimated based on the Black Scholes pricing model using a risk free interest rate of 1.30%, an expected dividend yield of 0%, a volatility of 86.58%, and an expected life of 3.0 years. Changes in the Convertible Security balance are comprised of the following: Convertible Security Opening balance $ 4,500 Conversions (638 ) Change in fair market value 2,129 Balance, June 30, 2016 $ 5,991 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. This covenant became effective after February 1, 2016 and the Company was in compliance as of June 30, 2016.

COMMON STOCK

COMMON STOCK	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 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 greater of (i) the last closing price of the Company’s common shares on the TSX and (ii) the volume weighted average closing price of the Company’s common shares on the TSX for the five days immediately prior to 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 ten 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 (150,000 ) 0.62 Balance, December 31, 2016 12,025,000 $ 0.71 The following table summarizes the information and assumptions used to determine option costs for the six-month period ended December 31, 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 December 31, 2016: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 $ 93 370,000 $ 93 $ 0.62 January 19, 2021 5,425,000 705 2,712,500 353 $ 0.65 May 20, 2017 50,000 5 50,000 5 $ 0.65 July 28, 2017 1,250,000 125 1,250,000 125 $ 0.76 September 2, 2017 500,000 - 500,000 - $ 0.80 December 22, 2017 3,220,000 - 3,220,000 - $ 0.94 April 28, 2018 500,000 - 500,000 - $ 0.96 July 21, 2021 710,000 - - - Balance December 31, 2016 12,025,000 $ 928 8,602,500 $ 576 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of C$0.75 as of December 31, 2016, which would have been received by the option holders had all option holders exercised their options as of that date. In-the-money options vested and exercisable as of December 31, 2016, totaled 4,382,500. As of December 31, 2016, there was $160 of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Plan. The cost is expected to be recognized over a remaining weighted average period of approximately 1.0 years. b) Warrants Warrant transactions are summarized as follows: Warrants Weighted average Balance June 30, 2016 22,733,685 $ 0.74 Granted - - Exercised (3,447,137 ) 0.65 Expired (4,114,353 ) 0.65 Balance, December 31, 2016 15,172,195 $ 0.79 At December 31, 2016, the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 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 15,172,195	8. COMMON STOCK a) Issuances 2016 Issuances On January 19, 2016, the Company closed a private placement and issued 9,074,835 units (each a “Unit”) at a price of C$0.57 per Unit, resulting in total gross proceeds of $3,750. Each Unit consisted of one common share of the Company and one transferable common share purchase warrant (a “Private Placement Warrant”). Each Private Placement Warrant is exercisable to acquire one additional common share of the Company for a period of three years at a price of C$0.75 per common share. In addition, the Company issued 75,450 broker warrants at closing, under the same terms as a Private Placement Warrant. The fair value of the broker warrants of $15 was estimated based on the Black-Scholes pricing model using a risk free interest rate of 0.75%, an expected dividend yield of 0%, a volatility of 100.13%, and an expected life of 3.0 years. 2015 Issuances In February 2015 the Company announced it had closed a partially brokered and partially non-brokered private placement of 2,914,000 special warrants (“2015 Warrants”) at an issue price of C$0.75 to raise aggregate gross proceeds of $1,722. Each 2015 Warrant is exchangeable at any time after the closing date of the offering into one unit of the Company; each unit consists of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of C$1.00 per share until February 27, 2017. The Company filed a prospectus and obtained the required receipt for that prospectus on March 23, 2015 and qualified the distribution of 2,914,000 2015 Warrants which were deemed exercised on March 30, 2015. The agent, Mackie Research Capital Corporation ("MRCC") received a cash commission equal to 6.5% of the gross proceeds of the brokered portion of the offering being $112 and 182,910 compensation warrants. The broker warrants are exercisable into common shares at a price C$0.85 per share until February 27, 2017. The fair value of the agent warrants of $79 was estimated based on the Black-Scholes pricing model using a risk free interest rate of 1.25%, an expected dividend yield of 0%, a volatility of 100.95%, and an expected life of 2.0 years. Total cash issue costs including agents' commission, legal and filing fees were $230. In November 2014 the Company announced it had closed a partially brokered and partially non-brokered private placement of 19,245,813 special warrants (“2014 Special Warrants”) at an issue price of C$0.55 to raise aggregate gross proceeds of $8,846. Each 2014 Special Warrant is exchangeable at any time after the closing date of the offering into one unit of the Company; each unit consists of one common share of the Company and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at a price of C$0.65 per share until November 10, 2016. The Company filed a prospectus and obtained the required receipt for that prospectus on January 14, 2015 and qualified the distribution of 19,245,813 2014 Special Warrants which were deemed exercised on January 19, 2015. The agent, MRCC received a cash commission equal to 6.5% of the gross proceeds of the brokered portion of the offering and 205,304 non-transferable compensation units. The broker warrants are exercisable into units having the same terms as the units issued under the Offering. Each unit entitles the agent to purchase a unit at a price of C$0.55 each. Each unit consists of one common share and one warrant exercisable at a price of C$0.65 per share until November 10, 2016. The fair value of the agent warrants of $108 was estimated based on the Black Scholes pricing model using a risk free interest rate of 1.25%, an expected dividend yield of 0%, a volatility of 108.9%, and an expected life of 2.0 years. Total cash issue costs including agents' commission, legal and filing fees was $300. b) 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, July 1, 2014 7,060,000 $ 0.19 Granted 7,320,000 0.76 Exercised (6,250,000 ) 0.20 Cancelled/expired (25,000 ) 0.30 Balance, June 30, 2015 8,105,000 0.69 Granted 5,875,000 0.62 Exercised (1,415,000 ) 0.38 Cancelled/expired (1,100,000 ) 0.75 Balance June 30, 2016 11,465,000 $ 0.69 Number of options currently exercisable 5,765,000 $ 0.75 The following table summarizes the information and assumptions used to determine option costs: Year ended June 30, 2016 2015 Fair value per option granted during the period (C$) $ 0.30 $ 0.42 Risk-free interest rate 0.75 % 1.25 % Expected dividend yield 0 % 0 % Expected stock price volatility (historical basis) 98.2 % 105.6 % Expected option life in years 2.15 2.15 The following table summarizes information about stock options outstanding at June 30, 2016: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 133 370,000 133 $ 0.62 January 19, 2021 5,575,000 1,338 - - $ 0.65 May 20, 2017 50,000 11 50,000 11 $ 0.65 July 28, 2017 1,250,000 263 1,250,000 263 $ 0.76 September 2, 2017 500,000 50 500,000 50 $ 0.80 December 22, 2017 3,220,000 193 3,220,000 193 $ 0.94 April 28, 2018 500,000 - 375,000 - Balance June 30, 2016 11,465,000 $ 1,988 5,765,000 $ 650 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of C$0.86 as of June 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 June 30, 2016 was 5,390,000. The total intrinsic value of options exercised during the year ended June 30, 2016 was $322. As of June 30, 2016, there was $328 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 one year. c) Warrants Warrant transactions are summarized as follows: Warrants Weighted average Balance, July 1, 2014 1,064,140 $ 0.25 Granted: Warrants: November financing 19,245,813 0.65 Warrants: March financing 2,914,000 1.00 Agents' warrants: November financing 205,304 0.55 Agents' warrants: November financing 205,304 0.65 Agents' warrants: March financing 182,910 0.85 Agents' advisory warrants* 750,000 0.55 Agents' sponsorship warrants** 250,000 0.60 ThyssenKrupp offtake agreement*** 8,569,000 0.67 Exercised (5,125,805 ) 0.35 Expired - - Balance, June 30, 2015 28,260,666 0.73 Granted: Lind Warrants 3,125,000 0.72 January Private Placement 9,074,835 0.75 Broker warrants: December Private Placement 75,450 0.75 Advisory Warrants* 750,000 0.65 Sponsorship warrants** 250,000 0.65 Exercised (12,549,309 ) 0.65 Expired (7,068,500 ) 0.67 Balance June 30, 2016 21,918,142 $ 0.75 * Pursuant to a financial services advisory agreement with Mackie Research Capital Corporation (“MRCC”) the Company issued 500,000 advisory warrants on December 4, 2014 and 250,000 advisory warrants on January 14, 2015. Each advisory warrant entitled MRCC to purchase a unit of the Company at a price of C$0.55 each, on or before December 4, 2016. Each such unit consisted of one Common Share and one warrant exercisable at a price of C$0.65 per share until December 4, 2016. These units were exercised during the year ended June 30, 2016, resulting in the granting of these additional 750,000 warrants. ** Pursuant to a sponsorship agreement between MRCC and the Company in connection with the Company's graduation to the Toronto Stock Exchange, the Company issued 250,000 sponsorship warrants on January 14, 2015, entitling MRCC to purchase units of the Company at C$0.60 per unit until January 14, 2017. Each such unit consisted of one Common Share and one warrant exercisable at C$0.65 per share until January 14, 2017. These units were exercised during the year ended June 30, 2016, resulting in the granting of these additional 250,000 warrants. *** The Company entered into an offtake agreement with ThyssenKrupp Metallurgical Products GmbH (“ThyssenKrupp”) whereby ThyssenKrupp will purchase 50% of future ferroniobium production up to 3,750 metric tons from the Elk Creek property for an initial term of ten years from commencement of commercial production which may be extended by mutual agreement of the parties. The Agreement presupposes the Company obtaining project financing, obtaining all necessary approvals and constructing a mine at Elk Creek. Pursuant to the agreement, the Company granted ThyssenKrupp a non-transferable warrant to acquire 8,569,000 common shares of the Company at an exercise price of C$0.67 per common share, which expired on December 12, 2015. At June 30, 2016 the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 6,745,947 $ 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 21,918,142 On April 20, 2016, the Company announced an early warrant exercise program (the “Program”) designed to encourage the early exercise of (unlisted) share purchase warrants exercisable at C$0.65 that otherwise expire on November 10, 2016 (the “November 2016 Warrants”). The Program and its commencement were approved at a Special Meeting of Shareholders held on Tuesday May 17, 2016. The warrant exercise program closed on June 17, 2016, resulting in gross proceeds of C$4,807. A total of 7,394,822 C$0.65 share purchase warrants expiring November 10, 2016 were exercised during the incentive period, representing about 47.6% of all C$0.65 Warrants outstanding and 66% of warrant holders eligible to participate. Each holder who exercised one warrant during the program received 1.11029 Common Shares, representing one warrant share and 0.11029 of a Common Share, as the incentive portion. A total of 8,210,394 common shares were issued under the program, which was previously approved by our shareholders on May 17, 2016. The Company recognized a warrant expense of $535 in other operating expenses in the consolidated statement of operations related to the fair market value of the incentive shares issued.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 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 December 31, 2016, accounts payable and accrued liabilities included interest payable to Mr. Smith of $107. On January 16, 2017, the Company entered into a non-revolving credit facility agreement (the “Credit Facility”) in the amount of $2.0 million with Mark Smith as more fully discussed in Note 10, Subsequent Events.	9. RELATED PARTY TRANSACTIONS AND BALANCES On June 17, 2015, the Company entered into a one-year loan in the amount of $1,500 with Mark A. Smith, Chief Executive Officer and Executive Chairman of NioCorp. The one-year term loan 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. On July 1, 2015, the Company entered into a non-revolving credit facility agreement (collectively, with the loan above, the “Smith Loans”) in the amount of $2,000 with Mark Smith and completed a drawdown of $500 on that day, and an additional $100 was drawn under the credit facility on December 2, 2015. The credit facility bears an interest rate of 10%, is secured by the Company's assets pursuant to a general security agreement, and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. With the receipt of additional funding proceeds from the December Private Placement and Convertible Security, on January 13, 2016, the Company repaid $1,100 of the outstanding Smith Loans, representing 100% of amounts drawn down under the credit facility, plus $500 of the amount due under the one-year loan. Interest and establishment fees payable as of December 31, 2015 were also paid. As of June 30, 2016 accounts payable and accrued liabilities included interest payable to Mr. Smith of $53. Effective June 16 2016, the Company and Mr. Smith agreed to extend the due date for the remaining loan amount of $1,000 until June 16, 2017.

EXPLORATION EXPENDITURES

EXPLORATION EXPENDITURES	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
EXPLORATION EXPENDITURES	8. Exploration Expenditures For the three months For the six months 2016 2015 2016 2015 Technical studies and engineering $ 1,551 $ 54 $ 1,988 $ 1,470 Field management and other 399 133 633 301 Drilling - - - 281 Metallurgical development 419 25 1,691 110 Geologists and field staff 28 220 55 234 Total $ 2,397 $ 432 $ 4,367 $ 2,396	10. Exploration Expenditures For the year 2016 2015 Feasibility study and engineering $ 2,671 $ 5,892 Field management and other 940 1,791 Drilling 197 4,976 Metallurgical 844 4,506 Geologists and field staff 67 886 Total $ 4,719 $ 18,051 Additions to exploration and evaluation assets during the year ended June 30, 2016 related to ongoing engineering and metallurgical costs incurred in connection with a feasibility study, as well as land-related payments and general project management costs.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	11. Income Taxes Domestic and foreign components of loss before income taxes for the years ended June 30, 2016 and 2015 are as follows: For the year 2016 2015 Canada $ 4,542 $ 7,365 United States 6,866 18,505 Total $ 11,408 $ 25,870 Major components of income tax benefit for the year ended June 30, 2016 and 2015 are as follows: For the year 2016 2015 Current taxes $ - $ - Deferred taxes: Canada - - United States - (2,755 ) Total deferred tax benefit - (2,755 ) Total income tax benefit $ - $ (2,755 ) The following table is a reconciliation of income taxes at statutory rates with the reported taxes: For the year 2016 2015 Loss before income taxes $ 11,408 $ 25,870 Combined federal and provincial statutory income tax rate 26 % 26 % Income tax recovery at statutory tax rates 2,966 6,726 Foreign rate differential 893 2,405 Warrant expense (399 ) - Share based compensation (270 ) (651 ) Change in estimates related to prior years (635 ) - Change in valuation allowance (2,169 ) (5,725 ) Other (386 ) - Income tax benefit $ - $ 2,755 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company's net deferred tax asset balances as of June 30, 2016 and 2015 have been revised to reflect the appropriate jurisdictional tax rate applied to Canadian temporary differences. On a consolidated basis, there was no impact on the Company's income tax provision for the years ended June 30, 2016 and 2015 and the net deferred tax balance as of June 30, 2016 and 2015 has not changed due to a full valuation allowance, however, the net deferred tax assets before valuation allowance as of June 30, 2016 and 2015 decreased by $1,783 and $1,996, respectively.The significant components of deferred taxes are as follows: As of June 30, 2016 2015 Deferred tax assets Mineral interest $ 6,555 $ 4,963 Net operating losses available for future periods 3,951 3,312 Other 144 206 Total deferred tax assets 10,650 8,481 Valuation allowance (10,650 ) (8,481 ) Net deferred tax assets $ - $ - The Company establishes a valuation allowance against future income tax assets if, based on available information, it is more likely than not that all of the assets will not be realized. The valuation allowance of $10,650 at June 30, 2016 relates mainly to net operating loss carryforwards in Canada and mineral interest due to deferred exploration expenditures in the United States, where the utilization of such attributes is not more likely than not. During the year ended June 30, 2015, the Company recognized $2,755 of deferred tax benefit which was generated during the year to offset existing deferred tax liabilities associated with the acquisition of the Elk Creek mineral interest. The Company had cumulative net operating losses of $13,625 as of June 30, 2016 (2015 - $12,453) for federal income tax purposes and these carryforwards will expire between 2017 and 2035. The Company had no unrecognized tax benefits as of June 30, 2016 or 2015. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in its income tax provision. The Company has not recognized any interest or penalties in the fiscal years presented in these financial statements. The Company is subject to income tax in the U.S. federal jurisdiction and Canada. Certain years remain subject to examination but there are currently no ongoing exams in any taxing jurisdictions.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 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 December 31, 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 December 31, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 729 $ 729 $ - $ - Available for sale securities 37 37 - - Total $ 766 $ 766 $ - $ - Liabilities: Convertible debt $ 4,827 $ - $ - $ 4,827 Derivative liability, convertible debt 173 - - 173 Total $ 5,000 $ - $ - $ 5,000 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 Total $ 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 (983 ) Realized and unrealized losses (338 ) Ending balance $ 5,000	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 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 June 30, 2016 and 2015, 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 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 As of June 30, 2015 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 753 $ 753 $ - $ - Available for sale securities 46 46 - - Total $ 799 $ 799 $ - $ - 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 significant unobservable valuation inputs for the Convertible Debt includes an expected return of 51.06%. A 15% decrease (increase) in the expected return would result in an increase (decrease) to fair value of $94, or approximately 2%. The derivative liability was valued using a Black-Scholes pricing model with the following inputs: Risk-free interest rate 1.25 % Expected dividend yield 0 % Expected stock price volatility 88.63 % Expected option life in years 2.50 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: As of June 30, 2016 2015 Beginning balance $ - $ - Convertible securities closings 4,860 - Conversions to equity (638 ) - Realized and unrealized losses 2,099 - Ending balance $ 6,321 $ -

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Other Exploration Properties The Company held an option to acquire a 100% interest in certain claim units located in the Kenora Mining Division, Ontario, referred to as the Tait Lake property, and had previously written the exploration asset down to $nil. In April 2015, the Company sold the Tait Lake option for a cash payment of $9. The Company, through its wholly-owned subsidiary, Northeast Minerals, held exploration rights for the Jungle Well and Laverton projects in Australia (the “Exploration Rights”). On July 2, 2015, the Company entered into an agreement to sell its investment in Northeast Minerals to a third party. Assets of Northeast Minerals included the Explorations Rights, with a nil book value, and 3,750,000 shares of Victory Mines Limited (“Victory”), an Australian public entity. The book value of the Victory shares was written down to one dollar at June 30, 2015 to reflect the estimated market value. No other gain or loss was incurred related to the sale of Northeast Minerals. NioCorp has the following land, office, facility and equipment lease commitments in place as of June 30, 2016: Payments due by period Total Less than 1-3 4-5 After 5 Debt $ 7,510 $ 1,214 $ 6,296 $ - $ - Operating leases 349 207 123 19 - Total contractual obligations $ 7,859 $ 1,421 $ 6,419 $ 19 $ -

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	10. Subsequent Events On January 16, 2017, the Company entered into a non-revolving credit facility agreement (the “Credit Facility”) in the amount of $2.0 million with Mark Smith. The Credit Facility bears an interest rate of 10% and drawdowns from the Credit Facility are subject to a 2.5% establishment fee. Amounts outstanding under the Credit Facility will become due January 16, 2018, and are secured by all of the Company’s assets pursuant to a general security agreement between the Company and Mr. Smith dated June 17, 2015. The Credit Facility contains financial and non-financial covenants customary for a facility of this size and nature. On January 18, 2017, the Company completed a drawdown from the Credit Facility in the amount of $175. On January 27, 2017, the Company announced a C$2.0 million non-brokered private placement for up to 2,857,143 units of the Company (the “Units”) at a price of C$0.70 per Unit. Each Unit will consist of one Common Share of the Company and one transferable Common Share purchase warrant (a “Warrant”). Each Warrant will exercisable to acquire one additional Common Share of the Company for a period of 36 months at a price of $0.85 per Common Share. On January 30, 2017, the Company announced that due to strong investor demand it has increased the maximum gross proceeds of the Offering to from C$2.0 million to C$2.5 million. Further, the Company has received expressions of interest from certain investment dealers, and has agreed to pay fees in respect of certain subscriptions originated by such investment dealers in each case for services outside of the United States.

SIGNIFICANT ACCOUNTING POLICI22

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Accounting Policies [Abstract]
Exploration Stage Enterprise		a) Exploration Stage Enterprise The Company is in the exploration stage of operation and devotes substantially all of its efforts to acquiring and exploring mining interests that management believes should eventually provide sufficient net profits to sustain the Company’s existence. Until such interests are engaged in commercial production, the Company will continue to seek additional funding to support the completion of its exploration and development activities. The Company’s activities are subject to significant risks and uncertainties, including its ability to secure sufficient funding to continue operations, to obtain proven and probable reserves, to comply with industry regulations and obtain permits necessary for development of the Elk Creek Project, as well as environmental risks and market conditions.
Cash and Cash Equivalents		b) Cash and Cash Equivalents Cash and cash equivalents includes cash on hand, cash in banks, investments in certificates of deposit with original maturities of 90 days or less, and money market funds.
Foreign Currency Translation		c) Foreign Currency Translation Functional and reporting currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional currency of the Company is the Canadian Dollar. Effective July 1, 2015, the Corporation changed the functional currency for Elk Creek Resources Corp., a wholly-owned subsidiary, from the Canadian Dollar to the U.S. Dollar. This change was made as a greater percentage of expenditures for technical and administrative services, and raised financings are denominated in U.S. Dollars. No other entities in the Group were affected by this change in functional currency. This change in judgment has been accounted for prospectively in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 830. The reporting currency for these consolidated financial statements is U.S. Dollars. Transactions in foreign currency Transactions made in a currency other than Canadian Dollars are translated to the functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date and non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at the exchange rates approximating those in effect on the date of the transactions. Foreign currency gains and losses arising from translation are included in profit or loss. Translation to reporting currency The results and financial position of entities that have a functional currency different from the reporting currency are translated into the reporting currency as follows: • Assets and liabilities for each statement of financial position presented are translated at the closing rate at the end of the reporting date. • Income and expenses for each statement of income are translated at average exchange rates, unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions. • All resulting exchange differences are recognized in other comprehensive income.
Available for Sale Securities		d) Available for Sale Securities Available for sale securities are recorded at fair value through the statement of operations pursuant to the fair value option permitted by ASC 825, Financial Instruments.
Equipment		e) Equipment Equipment is stated at cost less accumulated depreciation. The residual value, useful life and depreciation method are evaluated every reporting period and changes to the residual value, estimated useful life or depreciation method resulting from such review are accounted for prospectively. Depreciation is provided for using the straight line basis at the following rates per annum: Computer equipment three years Furniture and equipment five years
Mineral Properties		f) Mineral Properties Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair market value of common shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under SEC Industry Guide 7, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future are written off.
Long Lived Assets		g) Long Lived Assets Long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.
Financial Instruments		h) Financial Instruments The Company’s financial instruments consist of cash, receivables, available for sale securities, accounts payable and accrued liabilities, convertible debt and the related party loan. It is management’s opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these instruments approximate their carrying value unless otherwise noted.
Concentration of Credit Risk		i) Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents, The Company holds invests or maintains available cash primarily in two commercial banks located in Vancouver, British Columbia and Santa Clara, California. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions.
Asset Retirement Obligation		j) Asset Retirement Obligation The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration and evaluation activities. The estimated costs associated with environmental remediation obligations are accrued in the period in which the liability is incurred if it is reasonably estimable or known. Until such time that a project life is established, the Company records the corresponding cost as an exploration stage expense, and has accrued $85 related to estimated obligations as of June 30, 2016 (2015 - $nil). Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised.
Income Taxes		k) Income Taxes Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25, “Income Taxes – Recognition”.
Basic and Diluted Per Share Disclosure		l) Basic and Diluted Per Share Disclosure Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. In computing diluted earnings per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities. Potentially dilutive shares, such as stock options and warrants, are excluded from the calculation when their inclusion would be anti-dilutive, such as when the exercise price of the instrument exceeds the fair market value of the Company’s common stock and when a net loss is reported. The dilutive effect of convertible debt securities is reflected in the diluted earnings (loss) per share calculation using the if-converted method. Conversion of the debt securities is not assumed for purposes of calculating diluted earnings (loss) per share if the effect is anti-dilutive.
Stock Based Compensation		m) Stock Based Compensation The Company grants stock options to directors, officers, and employees. Option terms and vesting conditions are at the discretion of the Board of Directors. The option exercise price is equal to the closing market price on the Toronto Stock Exchange on the Toronto Stock Exchange on the day preceding the date of grant. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The Company estimates forfeitures of stock-based awards based on historical data and periodically adjusts the forfeiture rate. The adjustment of the forfeiture rate is recorded as a cumulative adjustment in the period the forfeiture estimate is changed.
Recent Accounting Standards	b) Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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, to 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. The Company adopted this standard during the three-month period ended December 31, 2016, and the adoption of this standard had no material impacts on our financial statements. In February 2016, the FASB issued 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 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230), Restricted Cash. The standard provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Other than the revised statement of cash flows presentation of restricted cash (if any), the adoption of this new guidance is not expected to have an impact on our financial statements.	n) Recent Accounting Standards 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. In February 2016, the FASB issued Accounting Standard Update 2016-02, Leases In November 2015, the FASB issued ASU 2015-17 which simplifies income tax accounting. The update requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This update is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. The Company elected to early adopt this standard as of July 1, 2014. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs 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 In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern

BASIS OF PREPARATION (Policies)

BASIS OF PREPARATION (Policies)	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 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 December 31, 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.	a) Basis of Preparation and Consolidation These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”). Certain transactions include reference to Canadian dollars (“C$”) where applicable. These consolidated financial statements include the accounts of the Company and the subsidiaries listed in the following table. All intercompany transactions and balances have been eliminated. Country of Ownership at June 30, incorporation 2016 2015 0896800 BC Ltd. Canada 100 % 100 % Elk Creek Resources Corp. USA 100 % 100 % Silver Mountain Mines Corp. USA 100 % 100 %
Recent Accounting Standards	b) Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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, to 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. The Company adopted this standard during the three-month period ended December 31, 2016, and the adoption of this standard had no material impacts on our financial statements. In February 2016, the FASB issued 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 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows (Topic 230), Restricted Cash. The standard provides guidance on the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. Restricted cash and restricted cash equivalents should now be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period amounts shown on the statements of cash flows. The amendments of this ASU are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. Other than the revised statement of cash flows presentation of restricted cash (if any), the adoption of this new guidance is not expected to have an impact on our financial statements.	n) Recent Accounting Standards 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. In February 2016, the FASB issued Accounting Standard Update 2016-02, Leases In November 2015, the FASB issued ASU 2015-17 which simplifies income tax accounting. The update requires that all deferred tax assets and liabilities be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. This update is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. The Company elected to early adopt this standard as of July 1, 2014. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs 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 In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern
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.	b) 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.

BASIS OF PREPARATION (Tables)

BASIS OF PREPARATION (Tables)	12 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of subsidiaries	These consolidated financial statements include the accounts of the Company and the subsidiaries listed in the following table. All intercompany transactions and balances have been eliminated. Country of Ownership at June 30, incorporation 2016 2015 0896800 BC Ltd. Canada 100 % 100 % Elk Creek Resources Corp. USA 100 % 100 % Silver Mountain Mines Corp. USA 100 % 100 %

SIGNIFICANT ACCOUNTING POLICI25

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Schedule of equipment	Equipment is stated at cost less accumulated depreciation. The residual value, useful life and depreciation method are evaluated every reporting period and changes to the residual value, estimated useful life or depreciation method resulting from such review are accounted for prospectively. Depreciation is provided for using the straight line basis at the following rates per annum: Computer equipment three years Furniture and equipment five years

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of convertible debt	As of December 31, 2016 June 30, 2016 Current: Convertible Security $ 4,827 $ - Long Term, net of current: Convertible Security $ - $ 5,991 Convertible Notes 530 475 $ 530 $ 6, 466	As of June 30, 2016 2015 Convertible Notes $ 475 $ - Convertible Security 5,991 - $ 6,466 $ -
Schedule of components associated with convertible notes		The following table discloses the components associated with this transaction on the closing date: Convertible Notes Face value of Notes on closing $ 800 Less: Transaction costs (47 ) Conversion component (360 ) Convertible notes, opening balance $ 393
Schedule of changes in the notes balance	Changes in the Company’s outstanding convertible promissory notes (the “Convertible Notes”) balance are comprised of the following: Convertible Notes Balance, June 30, 2016 $ 475 Accreted interest, net of interest paid 55 Balance, December 31, 2016 $ 530	Changes in the Notes balance are comprised of the following: Convertible Notes Notes, balance on closing $ 393 Accreted interest, net of interest paid 82 Balance, June 30, 2016 $ 475
Schedule of derivative liability related to the conversion feature	The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Balance, June 30, 2016 $ 330 Change in fair value of derivative liability (157 ) Balance, December 31, 2016 $ 173	The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Opening balance $ 360 Change in fair value of derivative liability (30 ) Balance, June 30, 2016 $ 330
Schedule of change in convertible security balance	Changes in the Lind Partners Asset Management IV, LLC (“Lind”) convertible security (the “Convertible Security”) balance are comprised of the following: Convertible Security Balance, June 30, 2016 $ 5,991 Conversions, at fair value (983 ) Change in fair market value (181 ) Balance, December 31, 2016 $ 4,827	Changes in the Convertible Security balance are comprised of the following: Convertible Security Opening balance $ 4,500 Conversions (638 ) Change in fair market value 2,129 Balance, June 30, 2016 $ 5,991

COMMON STOCK (Tables)

COMMON STOCK (Tables)	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 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 (150,000 ) 0.62 Balance, December 31, 2016 12,025,000 $ 0.71	Stock option transactions are summarized as follows: Number of Weighted Balance, July 1, 2014 7,060,000 $ 0.19 Granted 7,320,000 0.76 Exercised (6,250,000 ) 0.20 Cancelled/expired (25,000 ) 0.30 Balance, June 30, 2015 8,105,000 0.69 Granted 5,875,000 0.62 Exercised (1,415,000 ) 0.38 Cancelled/expired (1,100,000 ) 0.75 Balance June 30, 2016 11,465,000 $ 0.69 Number of options currently exercisable 5,765,000 $ 0.75
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 six-month period ended December 31, 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 the information and assumptions used to determine option costs: Year ended June 30, 2016 2015 Fair value per option granted during the period (C$) $ 0.30 $ 0.42 Risk-free interest rate 0.75 % 1.25 % Expected dividend yield 0 % 0 % Expected stock price volatility (historical basis) 98.2 % 105.6 % Expected option life in years 2.15 2.15
Schedule of information about stock options outstanding	The following table summarizes information about stock options outstanding at December 31, 2016: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 $ 93 370,000 $ 93 $ 0.62 January 19, 2021 5,425,000 705 2,712,500 353 $ 0.65 May 20, 2017 50,000 5 50,000 5 $ 0.65 July 28, 2017 1,250,000 125 1,250,000 125 $ 0.76 September 2, 2017 500,000 - 500,000 - $ 0.80 December 22, 2017 3,220,000 - 3,220,000 - $ 0.94 April 28, 2018 500,000 - 500,000 - $ 0.96 July 21, 2021 710,000 - - - Balance December 31, 2016 12,025,000 $ 928 8,602,500 $ 576	The following table summarizes information about stock options outstanding at June 30, 2016: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 133 370,000 133 $ 0.62 January 19, 2021 5,575,000 1,338 - - $ 0.65 May 20, 2017 50,000 11 50,000 11 $ 0.65 July 28, 2017 1,250,000 263 1,250,000 263 $ 0.76 September 2, 2017 500,000 50 500,000 50 $ 0.80 December 22, 2017 3,220,000 193 3,220,000 193 $ 0.94 April 28, 2018 500,000 - 375,000 - Balance June 30, 2016 11,465,000 $ 1,988 5,765,000 $ 650
Schedule of warrant transactions	Warrant transactions are summarized as follows: Warrants Weighted average Balance June 30, 2016 22,733,685 $ 0.74 Granted - - Exercised (3,447,137 ) 0.65 Expired (4,114,353 ) 0.65 Balance, December 31, 2016 15,172,195 $ 0.79	Warrant transactions are summarized as follows: Warrants Weighted average Balance, July 1, 2014 1,064,140 $ 0.25 Granted: Warrants: November financing 19,245,813 0.65 Warrants: March financing 2,914,000 1.00 Agents' warrants: November financing 205,304 0.55 Agents' warrants: November financing 205,304 0.65 Agents' warrants: March financing 182,910 0.85 Agents' advisory warrants* 750,000 0.55 Agents' sponsorship warrants** 250,000 0.60 ThyssenKrupp offtake agreement*** 8,569,000 0.67 Exercised (5,125,805 ) 0.35 Expired - - Balance, June 30, 2015 28,260,666 0.73 Granted: Lind Warrants 3,125,000 0.72 January Private Placement 9,074,835 0.75 Broker warrants: December Private Placement 75,450 0.75 Advisory Warrants* 750,000 0.65 Sponsorship warrants** 250,000 0.65 Exercised (12,549,309 ) 0.65 Expired (7,068,500 ) 0.67 Balance June 30, 2016 21,918,142 $ 0.75 * Pursuant to a financial services advisory agreement with Mackie Research Capital Corporation (“MRCC”) the Company issued 500,000 advisory warrants on December 4, 2014 and 250,000 advisory warrants on January 14, 2015. Each advisory warrant entitled MRCC to purchase a unit of the Company at a price of C$0.55 each, on or before December 4, 2016. Each such unit consisted of one Common Share and one warrant exercisable at a price of C$0.65 per share until December 4, 2016. These units were exercised during the year ended June 30, 2016, resulting in the granting of these additional 750,000 warrants. ** Pursuant to a sponsorship agreement between MRCC and the Company in connection with the Company's graduation to the Toronto Stock Exchange, the Company issued 250,000 sponsorship warrants on January 14, 2015, entitling MRCC to purchase units of the Company at C$0.60 per unit until January 14, 2017. Each such unit consisted of one Common Share and one warrant exercisable at C$0.65 per share until January 14, 2017. These units were exercised during the year ended June 30, 2016, resulting in the granting of these additional 250,000 warrants. *** The Company entered into an offtake agreement with ThyssenKrupp Metallurgical Products GmbH (“ThyssenKrupp”) whereby ThyssenKrupp will purchase 50% of future ferroniobium production up to 3,750 metric tons from the Elk Creek property for an initial term of ten years from commencement of commercial production which may be extended by mutual agreement of the parties. The Agreement presupposes the Company obtaining project financing, obtaining all necessary approvals and constructing a mine at Elk Creek. Pursuant to the agreement, the Company granted ThyssenKrupp a non-transferable warrant to acquire 8,569,000 common shares of the Company at an exercise price of C$0.67 per common share, which expired on December 12, 2015.
Schedule of outstanding exercisable warrants	At December 31, 2016, the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 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 15,172,195	At June 30, 2016 the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 6,745,947 $ 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 21,918,142

EXPLORATION EXPENDITURES (Tabl

EXPLORATION EXPENDITURES (Tables)	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of exploration expenditures	For the three months For the six months 2016 2015 2016 2015 Technical studies and engineering $ 1,551 $ 54 $ 1,988 $ 1,470 Field management and other 399 133 633 301 Drilling - - - 281 Metallurgical development 419 25 1,691 110 Geologists and field staff 28 220 55 234 Total $ 2,397 $ 432 $ 4,367 $ 2, 396	For the year 2016 2015 Feasibility study and engineering $ 2,671 $ 5,892 Field management and other 940 1,791 Drilling 197 4,976 Metallurgical 844 4,506 Geologists and field staff 67 886 Total $ 4,719 $ 18,051

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Schedule of domestic and foreign components of loss before income taxes	Domestic and foreign components of loss before income taxes for the years ended June 30, 2016 and 2015 are as follows: For the year 2016 2015 Canada $ 4,542 $ 7,365 United States 6,866 18,505 Total $ 11,408 $ 25,870
Schedule of major components of income tax benefit	Major components of income tax benefit for the year ended June 30, 2016 and 2015 are as follows: For the year 2016 2015 Current taxes $ - $ - Deferred taxes: Canada - - United States - (2,755 ) Total deferred tax benefit - (2,755 ) Total income tax benefit $ - $ (2,755 )
Schedule of reconciliation of income taxes at statutory rates	The following table is a reconciliation of income taxes at statutory rates with the reported taxes: For the year 2016 2015 Loss before income taxes $ 11,408 $ 25,870 Combined federal and provincial statutory income tax rate 26 % 26 % Income tax recovery at statutory tax rates 2,966 6,726 Foreign rate differential 893 2,405 Warrant expense (399 ) - Share based compensation (270 ) (651 ) Change in estimates related to prior years (635 ) - Change in valuation allowance (2,169 ) (5,725 ) Other (386 ) - Income tax benefit $ - $ 2,755
Schedule of components of deferred taxes	The significant components of deferred taxes are as follows: As of June 30, 2016 2015 Deferred tax assets Mineral interest $ 6,555 $ 4,963 Net operating losses available for future periods 3,951 3,312 Other 144 206 Total deferred tax assets 10,650 8,481 Valuation allowance (10,650 ) (8,481 ) Net deferred tax assets $ - $ -

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 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 December 31, 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 December 31, 2016 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 729 $ 729 $ - $ - Available for sale securities 37 37 - - Total $ 766 $ 766 $ - $ - Liabilities: Convertible debt $ 4,827 $ - $ - $ 4,827 Derivative liability, convertible debt 173 - - 173 Total $ 5,000 $ - $ - $ 5,000 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 Total $ 6,321 $ - $ - $ 6,321	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 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 As of June 30, 2015 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 753 $ 753 $ - $ - Available for sale securities 46 46 - - Total $ 799 $ 799 $ - $ -
Schedule of derivative liability		The derivative liability was valued using a Black-Scholes pricing model with the following inputs: Risk-free interest rate 1.25 % Expected dividend yield 0 % Expected stock price volatility 88.63 % Expected option life in years 2.50
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 (983 ) Realized and unrealized losses (338 ) Ending balance $ 5,000	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: As of June 30, 2016 2015 Beginning balance $ - $ - Convertible securities closings 4,860 - Conversions to equity (638 ) - Realized and unrealized losses 2,099 - Ending balance $ 6,321 $ -

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of lease commitments	NioCorp has the following land, office, facility and equipment lease commitments in place as of June 30, 2016: Payments due by period Total Less than 1-3 4-5 After 5 Debt $ 7,510 $ 1,214 $ 6,296 $ - $ - Operating leases 349 207 123 19 - Total contractual obligations $ 7,859 $ 1,421 $ 6,419 $ 19 $ -

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative) - Number	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1	1

BASIS OF PREPARATION (Details)

BASIS OF PREPARATION (Details)	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
0896800 BC Ltd [Member]
Percentage of ownership	100.00%	100.00%
Country of incorporation	Canada	Canada
Elk Creek Resources Corp [Member]
Percentage of ownership	100.00%	100.00%
Country of incorporation	USA	USA
Silver Mountain Mines Corp [Member]
Percentage of ownership	100.00%	100.00%
Country of incorporation	USA	USA

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Jun. 30, 2016
Computer Equipment [Member]
Estimated useful life	3 years
Furniture and Equipment [Member]
Estimated useful life	5 years

SIGNIFICANT ACCOUNTING POLICI35

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Accounting Policies [Abstract]
Exploration stage expense	$ 85	$ 0

GOING CONCERN ISSUES (Details N

GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (3,547)	$ (2,836)	$ (6,322)	$ (5,643)	$ (11,408)	$ (23,115)
Accumulated deficit	$ (66,544)		(66,544)		$ (60,222)	$ (48,814)
Working capital deficiency			$ 6,870

MINERAL INTERESTS (Details Narr

MINERAL INTERESTS (Details Narrative) - CAD CAD in Thousands	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2011
Share Exchange Agreement [Member] | Canada [Member]
Total consideration		CAD 13,246
Deferred tax		CAD 4,736
Share Exchange Agreement [Member] | 0896800 BC Ltd [Member]
Number of shares issued upon finder's fees		1,034,348
Share Exchange Agreement [Member] | 0896800 BC Ltd [Member] | Elk Creek Resources Corp [Member]
Number of shares issued upon acquisition		18,990,539
Lease Agreement [Member] | Elk Creek Resources Corp [Member]
Lease term	5 years
Percentage of NSR retain		2.00%
Percentage of interest aquired	100.00%

FLOW THROUGH LIABILITIES (Detai

FLOW THROUGH LIABILITIES (Details Narrative) - Canadian Investors [Member] CAD in Thousands, $ in Thousands	Apr. 30, 2016USD ($)	Nov. 30, 2010CADshares
Number of shares issued upon flow-through | shares		8,337,000
Reversed flow-through expenditures | $	$ 587
Canada [Member]
Number of shares issued upon flow-through,value		CAD 2,501
Minimum flow-through expenditures		CAD 1,470

RESTRICTED CASH (Details Narrat

RESTRICTED CASH (Details Narrative) $ in Thousands	6 Months Ended
	Dec. 31, 2016USD ($)
Accounts Payable [Member]
Restricted cash amounts held in escrow account	$ 265

CONVERTIBLE DEBT (Details)

CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Short-term Debt [Line Items]
Convertible of current debt	$ 4,827
Convertible of long term debt	530	$ 6,466
Secured Convertible Security [Member]
Short-term Debt [Line Items]
Convertible of long term debt		5,991
Unsecured Convertible Promissory Notes [Member]
Short-term Debt [Line Items]
Convertible of long term debt	$ 530	$ 475

CONVERTIBLE DEBT (Details 1)

CONVERTIBLE DEBT (Details 1) - Unsecured Convertible Promissory Notes [Member] $ in Thousands	1 Months Ended
	Oct. 31, 2015USD ($)
Convertible Notes [Roll Forward]
Face value of Notes on closing	$ 800
Less:
Transaction costs	(47)
Conversion component	(360)
Convertible notes, opening balance	$ 393

CONVERTIBLE DEBT (Details 2)

CONVERTIBLE DEBT (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Convertible Notes [Roll Forward]
Balance at end	$ 4,827
Unsecured Convertible Promissory Notes [Member]
Convertible Notes [Roll Forward]
Balance at beginning	475	$ 393
Accreted interest, net of interest paid	55	82
Balance at end	$ 530	$ 475

CONVERTIBLE DEBT (Details 3)

CONVERTIBLE DEBT (Details 3) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Derivative Instruments and Hedges, Liabilities, Noncurrent [Roll Forward]
Opening balance	$ 330
Balance, June 30, 2016	173	330
Unsecured Convertible Promissory Notes [Member]
Derivative Instruments and Hedges, Liabilities, Noncurrent [Roll Forward]
Opening balance	330	360
Change in fair value of derivative liability	(157)	(30)
Balance, June 30, 2016	$ 173	$ 330

CONVERTIBLE DEBT (Details 4)

CONVERTIBLE DEBT (Details 4) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Change Convertible Security Balance [Roll Forward]
Balance at end	$ 4,827
Secured Convertible Security [Member]
Change Convertible Security Balance [Roll Forward]
Balance at beginning	5,991	$ 4,500
Conversions	(983)	(638)
Change in fair market value	(181)	2,129
Balance at end	$ 4,827	$ 5,991

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative) $ in Thousands	Dec. 22, 2015USD ($)shares	Oct. 31, 2015USD ($)	Dec. 31, 2016USD ($)shares	Dec. 31, 2016CAD / sharesshares	Jun. 30, 2016USD ($)shares	Jun. 30, 2016CAD / shares	Dec. 22, 2015CAD / shares	Oct. 31, 2015CAD / shares	Sep. 30, 2015USD ($)	Jun. 30, 2015CAD / sharesshares	Jun. 30, 2014CAD / sharesshares
Number of common shares purchased | shares				15,172,195	21,918,142					28,260,666	1,064,140
Exercise price (in dollars per share) | CAD / shares				CAD 0.79		CAD 0.75				CAD 0.73	CAD 0.25
Risk free interest rate					1.25%
Expected dividend yield					0.00%
Volatility					88.63%
Expected life					2 years 6 months
Lind Asset Management IV, LLC [Member] | Warrants [Member]
Fair value of liabilities					$ 620
Risk free interest rate					1.30%
Expected dividend yield					0.00%
Volatility					86.58%
Expected life					3 years
Unsecured Convertible Promissory Notes [Member]
Principal amount									$ 800
Unsecured Convertible Promissory Notes [Member] | Private Placement [Member]
Interest rate		8.00%
Debt term		3 years
Description of payment		Payable quarterly in arrears.
Transaction cost					$ 47
Principal amount		$ 800
Unsecured Convertible Promissory Notes [Member] | Private Placement [Member] | Canada [Member]
Conversion price (in dollars per share) | CAD / shares								CAD 0.97
Secured Convertible Security [Member]
Transaction cost	$ 214
Percentage of closing fees	0.03
Description of conversion price				A conversion price equal to 85% of the volume weighted average trading price of the Common Shares (in Canadian dollars) on the TSX for the five consecutive trading days immediately prior to the date on which the Lind provides the Company with notice of its intention to convert an amount of the Convertible Security from time to time.
Description of convenent	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 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 December 31, 2016.
Debt conversion amount			$ 825
Number of shares issued upon debt conversion | shares			1,683,002
Secured Convertible Security [Member] | Lind Asset Management IV, LLC [Member]
Transaction cost	$ 135
Secured Convertible Security [Member] | Lind Asset Management IV, LLC [Member] | Definitive Convertible Security Funding Agreement [Member]
Interest rate	10.00%
Debt term	2 years
Principal amount	$ 4,500
Initial face value	$ 5,400
Description of interest rate	Yield of the Convertible Security (if held, unconverted, to maturity) will be 10% per annum, or $900.
Additional funding	$ 1,000
Description of conversion price	Convertible into Common Shares of the Company at a conversion price equal to 85% of the volume weighted average trading price of the Common Shares on the TSX (in Canadian dollars) for the five (5) consecutive trading days immediately prior to the date on which Lind provides the Company with notice of its intention to convert an amount of the Convertible Security from time to time.
Secured Convertible Security [Member] | Lind Asset Management IV, LLC [Member] | Definitive Convertible Security Funding Agreement [Member] | Warrants [Member]
Number of common shares purchased | shares	3,125,000
Secured Convertible Security [Member] | Canada [Member] | Lind Asset Management IV, LLC [Member] | Definitive Convertible Security Funding Agreement [Member] | Warrants [Member]
Exercise price (in dollars per share) | CAD / shares							CAD 0.72

COMMON STOCK (Details)

COMMON STOCK (Details) - CAD / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning	11,465,000	8,105,000	7,060,000
Granted	710,000	5,875,000	7,320,000
Exercised		(1,415,000)	(6,250,000)
Cancelled/expired	(150,000)	(1,100,000)	(25,000)
Balance at end	12,025,000	11,465,000	8,105,000
Number of options currently exercisable		5,765,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Balance at beginning	CAD 0.69	CAD 0.69	CAD 0.19
Granted	0.96	0.62	0.76
Exercised		0.38	0.20
Cancelled/expired	0.62	0.75	0.30
Balance at end	CAD 0.71	0.69	CAD 0.69
Number of options currently exercisable		CAD 0.75

COMMON STOCK (Details 1)

COMMON STOCK (Details 1) - CAD / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Fair value per option granted during the period (C$)	CAD 0.50	CAD 0.30	CAD 0.42
Risk-free interest rate	0.75%	0.75%	0.25%
Expected dividend yield	0.00%	0.00%	0.00%
Expected stock price volatility (historical basis)	97.20%	98.20%	105.60%
Expected option life in years	2 years 1 month 24 days	2 years 1 month 24 days	2 years 1 month 24 days

COMMON STOCK (Details 2)

COMMON STOCK (Details 2) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding	12,025,000	11,465,000
Aggregate Intrinsic Value	$ 928	$ 1,988
Number of exercisable	8,602,500	5,765,000
Aggregate Intrinsic Value	$ 576	$ 650
Exercise Price C$0.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	May 9, 2017	May 9, 2017
Number of outstanding	370,000	370,000
Aggregate Intrinsic Value	$ 93	$ 133
Number of exercisable	370,000	370,000
Aggregate Intrinsic Value	$ 93	$ 133
Exercise Price C$0.62 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	Jan. 19, 2021	Jan. 19, 2021
Number of outstanding	5,425,000	5,575,000
Aggregate Intrinsic Value	$ 705	$ 1,338
Number of exercisable	2,712,500
Aggregate Intrinsic Value	$ 353
Exercise Price C$0.65 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	May 20, 2017	May 20, 2017
Number of outstanding	50,000	50,000
Aggregate Intrinsic Value	$ 5	$ 11
Number of exercisable	50,000	50,000
Aggregate Intrinsic Value	$ 5	$ 11
Exercise Price C$0.65 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	Jul. 28, 2017	Jul. 28, 2017
Number of outstanding	1,250,000	1,250,000
Aggregate Intrinsic Value	$ 125	$ 263
Number of exercisable	1,250,000	1,250,000
Aggregate Intrinsic Value	$ 125	$ 263
Exercise Price C$0.76 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	Sep. 2, 2017	Sep. 2, 2017
Number of outstanding	500,000	500,000
Aggregate Intrinsic Value		$ 50
Number of exercisable	500,000	500,000
Aggregate Intrinsic Value		$ 50
Exercise Price C$0.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	Dec. 22, 2017	Dec. 22, 2017
Number of outstanding	3,220,000	3,220,000
Aggregate Intrinsic Value		$ 193
Number of exercisable	3,220,000	3,220,000
Aggregate Intrinsic Value		$ 193
Exercise Price C$0.94 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	Apr. 28, 2018	Apr. 28, 2018
Number of outstanding	500,000	500,000
Aggregate Intrinsic Value
Number of exercisable	500,000	375,000
Aggregate Intrinsic Value
Exercise Price C$0.96 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	Jul. 21, 2021
Number of outstanding	710,000
Aggregate Intrinsic Value
Number of exercisable
Aggregate Intrinsic Value

COMMON STOCK (Details 3)

COMMON STOCK (Details 3) - CAD / shares		6 Months Ended	12 Months Ended
		Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Equity [Abstract]
Balance at beginning		21,918,142	28,260,666	1,064,140
Granted:
Warrants: November financing				19,245,813
Warrants: March financing				2,914,000
Agents' warrants: November financing				205,304
Agents' warrants: November financing				205,304
Agents' warrants: March financing				182,910
Agents' advisory warrants	[1]			750,000
Agents' sponsorship warrants	[2]			250,000
ThyssenKrupp offtake agreement	[3]			8,569,000
Lind Warrants			3,125,000
January Private Placement			9,074,835
Broker warrants: December Private Placement			75,450
Advisory Warrants	[1]		750,000
Sponsorship warrants	[2]		250,000
Exercised		(3,447,137)	(12,549,309)	(5,125,805)
Expired		(4,114,353)	(7,068,500)
Balance at end		15,172,195	21,918,142	28,260,666
Balance at beginning		CAD 0.75	CAD 0.73	CAD 0.25
Granted:
Warrants: November financing				0.65
Warrants: March financing				1
Agents' warrants: November financing				0.55
Agents' warrants: November financing				0.65
Agents' warrants: March financing				0.85
Agents' advisory warrants	[1]			0.55
Agents' sponsorship warrants	[2]			0.60
ThyssenKrupp offtake agreement	[3]			0.67
Lind Warrants			0.72
January Private Placement			0.75
Broker warrants: December Private Placement			0.75
Advisory Warrants	[1]		0.65
Sponsorship warrants	[2]		0.65
Exercised			0.65	0.35
Expired			0.67
Balance at end		CAD 0.79	CAD 0.75	CAD 0.73
[1]	Pursuant to a financial services advisory agreement with Mackie Research Capital Corporation ("MRCC") the Company issued 500,000 advisory warrants on December 4, 2014 and 250,000 advisory warrants on January 14, 2015. Each advisory warrant entitled MRCC to purchase a unit of the Company at a price of C$0.55 each, on or before December 4, 2016. Each such unit consisted of one Common Share and one warrant exercisable at a price of C$0.65 per share until December 4, 2016. These units were exercised during the year ended June 30, 2016, resulting in the granting of these additional 750,000 warrants.
[2]	Pursuant to a sponsorship agreement between MRCC and the Company in connection with the Company's graduation to the Toronto Stock Exchange, the Company issued 250,000 sponsorship warrants on January 14, 2015, entitling MRCC to purchase units of the Company at C$0.60 per unit until January 14, 2017. Each such unit consisted of one Common Share and one warrant exercisable at C$0.65 per share until January 14, 2017. These units were exercised during the year ended June 30, 2016, resulting in the granting of these additional 250,000 warrants.
[3]	The Company entered into an offtake agreement with ThyssenKrupp Metallurgical Products GmbH ("ThyssenKrupp") whereby ThyssenKrupp will purchase 50% of future ferroniobium production up to 3,750 metric tons from the Elk Creek property for an initial term of ten years from commencement of commercial production which may be extended by mutual agreement of the parties. The Agreement presupposes the Company obtaining project financing, obtaining all necessary approvals and constructing a mine at Elk Creek. Pursuant to the agreement, the Company granted ThyssenKrupp a non-transferable warrant to acquire 8,569,000 common shares of the Company at an exercise price of C$0.67 per common share, which expired on December 12, 2015.

COMMON STOCK (Details 4)

COMMON STOCK (Details 4) - CAD / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at beginning	21,918,142	28,260,666	1,064,140
Granted
Exercised	(3,447,137)	(12,549,309)	(5,125,805)
Expired	(4,114,353)	(7,068,500)
Balance at end	15,172,195	21,918,142	28,260,666
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Outstanding Weighted Average Exercise Price [Roll Forward]
Balance, at beginning	CAD 0.74
Granted
Exercised	0.65
Expired	0.65
Balance, at end	CAD 0.79	CAD 0.74

COMMON STOCK (Details 5)

COMMON STOCK (Details 5) - CAD / shares	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Class of Warrant or Right [Line Items]
Number	15,172,195	21,918,142	28,260,666	1,064,140
Exercise Price	CAD 0.79	CAD 0.75	CAD 0.73	CAD 0.25
Exercise Price C$0.85 [Member]
Class of Warrant or Right [Line Items]
Number	182,910	182,910
Exercise Price	CAD 0.85	CAD 0.85
Expiry Date	Feb. 27, 2017	Feb. 27, 2017
Exercise Price C$1.00 [Member]
Class of Warrant or Right [Line Items]
Number	2,714,000	2,714,000
Exercise Price	CAD 1	CAD 1
Expiry Date	Feb. 27, 2017	Feb. 27, 2017
Exercise Price C$0.72 [Member]
Class of Warrant or Right [Line Items]
Number	3,125,000	3,125,000
Exercise Price	CAD 0.72	CAD 0.72
Expiry Date	Dec. 22, 2018	Dec. 22, 2018
Exercise Price C$0.75 [Member]
Class of Warrant or Right [Line Items]
Number	9,150,285	9,150,285
Exercise Price	CAD 0.75	CAD 0.75
Expiry Date	Jan. 19, 2019	Jan. 19, 2019
Exercise Price C$0.65 [Member]
Class of Warrant or Right [Line Items]
Number		6,745,947
Exercise Price		CAD 0.65
Expiry Date		Nov. 10, 2016

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) $ in Thousands

Jan. 19, 2016USD ($)shares

Feb. 28, 2015USD ($)shares

Nov. 30, 2014USD ($)shares

Jun. 30, 2016USD ($)

Jun. 30, 2015USD ($)shares

Dec. 31, 2016CAD / shares

Jun. 30, 2016CAD / shares

Jan. 19, 2016CAD / shares

Jun. 30, 2015CAD / shares

Mar. 30, 2015shares

Feb. 28, 2015CAD / shares

Jan. 19, 2015shares

Nov. 30, 2014CAD / shares

Jun. 30, 2014CAD / shares

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.79

CAD 0.75

CAD 0.73

CAD 0.25

Risk free interest rate

1.25%

Expected dividend yield

0.00%

Volatility

88.63%

Expected life

2 years 6 months

Stock issuance cost | $

$ 151

$ 521

Mackie Research Capital Corporation [Member]

Number of units issued

205,304

Unit price (in dollars per unit) | CAD / shares

CAD 0.55

Percentage of cash commission on brokered portion of private placement

6.50%

6.50%

Cash commission | $

$ 112

Common Stock [Member]

Number of shares issued

19,245,813

Common Stock [Member] | Mackie Research Capital Corporation [Member]

Number of shares issued

1

Broker Warrant [Member] | Mackie Research Capital Corporation [Member]

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.85

Number of shares issued upon services

182,910

Fair value warrant | $

$ 79

Risk free interest rate

1.25%

Expected dividend yield

0.00%

Volatility

100.95%

Expected life

2 years

Stock issuance cost | $

$ 230

2014 Warrants Unit [Member] | Mackie Research Capital Corporation [Member]

Number of shares issued

1

Warrant exercise price (in dollars per share) | CAD / shares

0.65

Fair value warrant | $

$ 108

Risk free interest rate

1.25%

Expected dividend yield

0.00%

Volatility

108.90%

Expected life

2 years

Stock issuance cost | $

$ 300

Private Placement [Member]

Number of units issued

9,074,835

Unit price (in dollars per unit) | CAD / shares

CAD 0.57

Number of units issued,value | $

$ 3,750

Private Placement [Member] | Common Stock [Member]

Number of shares issued

1

Private Placement [Member] | Private Placement Warrant [Member]

Number of shares issued

1

Number of shares called by each warrant

1

Warrant term

3 years

Warrant exercise price (in dollars per share) | CAD / shares

0.75

Private Placement [Member] | Broker Warrant [Member]

Number of shares called by each warrant

1

Warrant term

3 years

Warrant exercise price (in dollars per share) | CAD / shares

0.75

Number of shares issued upon services

75,450

Fair value warrant | $

$ 15

Risk free interest rate

0.75%

Expected dividend yield

0.00%

Volatility

100.13%

Expected life

3 years

Partially Brokered & Partially Non-Brokered Private Placement [Member] | Common Stock [Member]

Number of shares issued

1

1

Partially Brokered & Partially Non-Brokered Private Placement [Member] | 2015 Special Warrants [Member]

Number of shares issued

2,914,000

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.75

Warrant aggregate gross proceeds | $

$ 1,722

Description of warrant rights

Each 2015 Warrant is exchangeable at any time after the closing date of the offering into one unit of the Company

Number of shares deemed exercised

2,914,000

Partially Brokered & Partially Non-Brokered Private Placement [Member] | 2015 Warrants Unit [Member]

Number of shares issued

1

Warrant exercise price (in dollars per share) | CAD / shares

CAD 1

Partially Brokered & Partially Non-Brokered Private Placement [Member] | 2014 Special Warrants [Member]

Number of shares issued

19,245,813

Warrant exercise price (in dollars per share) | CAD / shares

0.55

Warrant aggregate gross proceeds | $

$ 8,846

Description of warrant rights

Each 2014 Special Warrant is exchangeable at any time after the closing date of the offering into one unit of the Company

Number of shares deemed exercised

19,245,813

Partially Brokered & Partially Non-Brokered Private Placement [Member] | 2014 Warrants Unit [Member]

Number of shares issued

1

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.65

COMMON STOCK (Details Narrati53

COMMON STOCK (Details Narrative 1) - Stock Option Plan [Member] $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2016USD ($)shares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016CAD / shares	Jun. 30, 2016CAD / shares
Percentage of maximum outstanding stock issued under plan	10.00%	10.00%
Plan award term	10 years	5 years
Share price (in dollars per share) | CAD / shares				CAD 0.86
Number of vested and exercisable options | shares	4,382,500	5,390,000
Total intrinsic value options exercised | $		$ 322
Unrecognized compensation cost | $	$ 160	$ 328
Unrecognized compensation cost weighted average period	1 year	1 year
Canada [Member]
Share price (in dollars per share) | CAD / shares			CAD 0.75

COMMON STOCK (Details Narrati54

COMMON STOCK (Details Narrative 2) $ in Thousands

Jun. 30, 2016CAD / sharesshares

May 17, 2016shares

Apr. 20, 2016USD ($)shares

Jan. 14, 2015CAD / sharesshares

Dec. 04, 2014shares

Nov. 30, 2014CAD / sharesshares

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2016USD ($)shares

Dec. 31, 2015USD ($)

Jun. 30, 2016USD ($)shares

Jun. 30, 2015USD ($)shares

Dec. 31, 2016CAD / shares

Apr. 20, 2016CAD / sharesshares

Jun. 30, 2015CAD / shares

Jun. 30, 2014CAD / shares

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.75

CAD 0.79

CAD 0.73

CAD 0.25

Number of warrants expired

(4,114,353)

(7,068,500)

Other operating expenses | $

$ 175

$ 265

$ 310

$ 491

$ 1,847

$ 3,178

Common Stock [Member]

Number of shares issued

19,245,813

Mackie Research Capital Corporation [Member]

Unit price (in dollars per unit) | CAD / shares

CAD 0.55

Mackie Research Capital Corporation [Member] | Common Stock [Member]

Number of shares issued

1

Advisory Agreement [Member] | Mackie Research Capital Corporation [Member] | First Advisory Warrants [Member]

Number of shares issued

500,000

Advisory Agreement [Member] | Mackie Research Capital Corporation [Member] | Second Advisory Warrants [Member]

Number of shares issued

250,000

Advisory Agreement [Member] | Mackie Research Capital Corporation [Member] | Advisory Warrants [Member]

Number of shares issued

750,000

Unit price (in dollars per unit) | CAD / shares

CAD 0.55

Advisory Agreement [Member] | Mackie Research Capital Corporation [Member] | Common Stock [Member]

Number of shares issued

1

Advisory Agreement [Member] | Mackie Research Capital Corporation [Member] | Warrants Unit [Member]

Number of shares issued

1

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.65

Sponsorship Agreement [Member] | Mackie Research Capital Corporation [Member]

Unit price (in dollars per unit) | CAD / shares

CAD 0.60

Sponsorship Agreement [Member] | Mackie Research Capital Corporation [Member] | Common Stock [Member]

Number of shares issued

1

Sponsorship Agreement [Member] | Mackie Research Capital Corporation [Member] | Warrants Unit [Member]

Number of shares issued

1

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.65

Sponsorship Agreement [Member] | Mackie Research Capital Corporation [Member] | Sponsorship Warrants [Member]

Number of shares issued

250,000

Sponsorship Agreement [Member] | Mackie Research Capital Corporation [Member] | Additional Sponsorship Warrants [Member]

Number of shares issued

250,000

Offtake Agreement [Member] | ThyssenKrupp Metallurgical Products GmbH [Member]

Description of agreement terms

ThyssenKrupp will purchase 50% of future ferroniobium production up to 3,750 metric tons from the Elk Creek property for an initial term of ten years from commencement of commercial production which may be extended by mutual agreement of the parties.

Offtake Agreement [Member] | ThyssenKrupp Metallurgical Products GmbH [Member] | Non-Transferable Warrant Due December 12, 2015 [Member]

Number of shares issued

8,569,000

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.67

WarrantExerciseProgramMember

Number of shares issued

8,210,394

WarrantExerciseProgramMember | November 2016 Warrants Due November 10, 2016 [Member]

Warrant exercise price (in dollars per share) | CAD / shares

CAD 0.65

Warrant aggregate gross proceeds | $

$ 4,807

Number of warrants expired

7,394,822

Percentage of warrants outstanding

47.60%

Percentage of eligible to participate

66.00%

Number of shares called by each warrant

1.11029

Number of shares called by each warrant (incentive portion)

0.11029

Other operating expenses | $

$ 535

RELATED PARTY TRANSACTIONS AN55

RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands	Jan. 13, 2016	Dec. 02, 2015	Jul. 02, 2015	Jul. 02, 2015	Jun. 17, 2015	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jan. 16, 2017
Related party loan						$ 1,000	$ 1,000	$ 1,500
Related party debt repayment							1,100
Mark A. Smith [Member]
Interest payable							53
Mark A. Smith [Member] | Non-Revolving Credit Facility Agreement [Member] | Subsequent Event [Member] | 10% Non-Revolving Credit Facility Due January 16, 2018 [Member]
Credit facility maximum borrowing capacity									$ 2,000
Mark A. Smith [Member] | 10% One-Year Term Loan [Member]
Related party loan					$ 1,500
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.
Related party debt repayment	$ 500
Mark A. Smith [Member] | Smith Loans [Member] | Non-Revolving Credit Facility Agreement [Member]
Related party loan			$ 2,000	$ 2,000			$ 1,000
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.
Related party debt repayment	$ 1,100
Mark A. Smith [Member] | 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.
Mark A. Smith [Member] | Smith Loans [Member] | General Security Agreement [Member] | Accounts Payable and Accrued Liabilities [Member]
Related party loan						$ 107
Mark A. Smith [Member] | Non Revolving Line Of Credit [Member]
Related party debt draws			$ 500
Credit facility interest rate (in dollars per share)			10.00%	10.00%
Mark A. Smith [Member] | Credit Facility [Member]
Related party debt draws		$ 100

EXPLORATION EXPENDITURES (Detai

EXPLORATION EXPENDITURES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Total	$ 2,397	$ 432	$ 4,367	$ 2,396	$ 4,719	$ 18,051
Technical Studies and Engineering [Member]
Total	1,551	54	1,988	1,470	2,671	5,892
Field Management and Other [Member]
Total	399	133	633	301	940	1,791
Drilling [Member]
Total				281	197	4,976
Metallurgical Development [Member]
Total	419	25	1,691	110	844	4,506
Geologists and Field Staff [Member]
Total	$ 28	$ 220	$ 55	$ 234	$ 67	$ 886

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Total	$ (3,547)	$ (2,836)	$ (6,322)	$ (5,643)	$ (11,408)	$ (25,870)
Canada Tax Authority [Member]
Total					4,542	7,365
United States Tax Authority [Member]
Total					$ 6,866	$ 18,505

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Current taxes
Deferred taxes:
Canada
United States						(2,755)
Total deferred tax benefit						(2,755)
Total income tax benefit						$ (2,755)

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (3,547)	$ (2,836)	$ (6,322)	$ (5,643)	$ (11,408)	$ (25,870)
Combined federal and provincial statutory income tax rate					26.00%	26.00%
Income tax recovery at statutory tax rates					$ 2,966	$ 6,726
Foreign rate differential					893	2,405
Warrant expense					(399)
Share based compensation					(270)	(651)
Change in estimates related to prior years					(635)
Change in valuation allowance					(2,169)	(5,725)
Other					(386)
Income tax benefit						$ (2,755)

INCOME TAXES (Details 3)

INCOME TAXES (Details 3) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Deferred tax assets
Mineral interest	$ 6,555	$ 4,963
Net operating losses available for future periods	3,951	3,312
Other	144	206
Total deferred tax assets	10,650	8,481
Valuation allowance	(10,650)	(8,481)
Net deferred tax assets

INCOME TAXES (Details Narrativ

INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Decreased in valuation allowance	$ 1,783	$ 1,996
Net operating loss	$ 13,625	$ 12,453

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Level 3 [Member]
Liabilities:
Convertible debt	$ 5,000	$ 6,321
Fair Value, Measurements, Recurring [Member]
Assets:
Cash and cash equivalents	729	4,412	753
Available for sale securities	37	32	46
Total	766	4,444	799
Liabilities:
Convertible debt	4,827	5,991
Derivative liability, convertible debt	173	330
Total	5,000	6,321
Fair Value, Measurements, Recurring [Member] | Level 1 [Member]
Assets:
Cash and cash equivalents	729	4,412	753
Available for sale securities	37	32	46
Total	766	4,444	799
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	4,827	5,991
Derivative liability, convertible debt	173	330
Total	$ 5,000	$ 6,321

FAIR VALUE MEASUREMENTS (Deta63

FAIR VALUE MEASUREMENTS (Details 1)	12 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Risk-free interest rate	1.25%
Expected dividend yield	0.00%
Expected stock price volatility	88.63%
Expected option life in years	2 years 6 months

FAIR VALUE MEASUREMENTS (Deta64

FAIR VALUE MEASUREMENTS (Details 2) - Level 3 [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument, Fair Value Disclosure [Roll Forward]
Beginning balance	$ 6,321
Convertible securities closings		4,860
Conversions to equity	(983)	(638)
Realized and unrealized losses	(338)	2,099
Ending balance	$ 5,000	$ 6,321

FAIR VALUE MEASUREMENTS (Deta65

FAIR VALUE MEASUREMENTS (Details Narrative)	12 Months Ended
	Jun. 30, 2016
Defined Benefit Plan Disclosure [Line Items]
Expected return	0.00%
Level 3 [Member] | Unsecured Convertible Promissory Notes [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected return	51.06%
Description of expected return	A 15% decrease (increase) in the expected return would result in an increase (decrease) to fair value of $94, or approximately 2%.

COMMITMENTS AND CONTINGENCIES66

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2016USD ($)
Debt
Payments due by period, Less than 1 year	$ 1,214
Payments due by period, 1-3 years	6,296
Payments due by period, 4-5 years
Payments due by period, After 5 years
Total	7,510
Operating leases
Payments due by period, Less than 1 year	207
Payments due by period, 1-3 years	123
Payments due by period, 4-5 years	19
Payments due by period, After 5 years
Total	349
Total contractual obligations
Payments due by period, Less than 1 year	1,421
Payments due by period, 1-3 years	6,419
Payments due by period, 4-5 years	19
Payments due by period, After 5 years
Total	$ 7,859

COMMITMENTS AND CONTINGENCIES67

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) $ in Thousands	Jul. 02, 2015	Apr. 30, 2015
Northeast Minerals [Member] | Third Party [Member] | Victory Mines Limited [Member]
Number of common shares sold	3,750,000
Northeast Minerals [Member] | Exploration Rights [Member] | Third Party [Member]
Proceeds from sale of intangible assets	$ 0
Tait Lake Option [Member] | Kenora Mining Division, Ontario [Member]
Proceeds from sale of option		$ 9

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) $ in Thousands	Jan. 30, 2017USD ($)	Jan. 27, 2017USD ($)shares	Jan. 16, 2017USD ($)	Jan. 19, 2016shares	Jun. 30, 2015CAD / sharesshares	Jan. 27, 2017CAD / sharesshares	Jan. 18, 2017USD ($)	Dec. 31, 2016CAD / shares	Jun. 30, 2016CAD / shares	Jun. 30, 2014CAD / shares
Warrant exercise price (in dollars per share) | CAD / shares					CAD 0.73			CAD 0.79	CAD 0.75	CAD 0.25
Common Stock [Member]
Number of shares included in per unit					19,245,813
Non-Brokered Private Placement [Member] | Common Stock [Member]
Number of shares included in per unit				1
Subsequent Event [Member] | Non-Brokered Private Placement [Member]
Maximum number of units issued		2,857,143
Subsequent Event [Member] | Non-Brokered Private Placement [Member] | Common Stock [Member]
Number of shares included in per unit		1
Subsequent Event [Member] | Non-Brokered Private Placement [Member] | Warrant [Member]
Number of shares included in per unit		1
Number of shares called by each warrant						1
Warrant term		36 months
Warrant exercise price (in dollars per share) | CAD / shares						CAD 0.85
Subsequent Event [Member] | Non-Brokered Private Placement [Member] | Canada [Member]
Maximum gross proceeds from private placement | $		$ 2,000
Unit price (in dollars per unit) | CAD / shares						CAD 0.70
Revised maximum gross proceeds from private placement | $	$ 2,500
Subsequent Event [Member] | Non-Revolving Credit Facility Agreement [Member] | Mr.Mark A. Smith [Member] | 10% Non-Revolving Credit Facility Due January 16, 2018 [Member]
Credit facility maximum borrowing capacity | $			$ 2,000
Establishment fee			2.50%
Description of collateral			Secured by all of the Company’s assets pursuant to a general security agreement between the Company and Mr. Smith dated June 17, 2015.
Credit facility drawdown | $							$ 175