NioCorp Developments (NB) 10-Q 12 May 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 12, 2017
Document And Entity Information
Entity Registrant Name	NIOCORP DEVELOPMENTS LTD
Entity Central Index Key	1,512,228
Document Type	10-Q
Trading Symbol	NIOBF
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		196,330,021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current
Cash	$ 1,870	$ 4,412
Restricted cash	265
Receivables	5	5
Prepaid expenses	63	101
Total current assets	2,203	4,518
Non-current
Deposits	64	65
Available for sale securities at fair value	26	32
Equipment	8	14
Mineral interests	10,617	10,617
Total assets	12,918	15,246
Current
Accounts payable and accrued liabilities	1,904	1,256
Total current liabilities	1,904	1,256
Related party loans	1,175	1,000
Convertible debt	5,502	6,466
Derivative liability, convertible debt	115	330
Total liabilities	8,696	9,052
SHAREHOLDERS' EQUITY
Common stock, unlimited shares authorized; shares outstanding: 195,428,961 and 180,467,990, respectively	66,139	58,401
Additional paid-in capital	9,711	8,630
Accumulated deficit	(71,153)	(60,222)
Accumulated other comprehensive loss	(475)	(615)
Total equity	4,222	6,194
Total liabilities and equity	$ 12,918	$ 15,246

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - shares	Mar. 31, 2017	Jun. 30, 2016
Statement of Financial Position [Abstract]
Common stock, outstanding	195,428,961	180,467,990

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Operating expenses
Consulting		$ 27	$ 1	$ 158
Depreciation	3	3	7	7
Employee related costs	578	732	1,614	1,252
Finance costs	4	(38)	4	240
Professional fees	133	151	745	273
Exploration expenditures	2,761	566	7,128	2,962
Other operating expenses	596	442	906	933
Total operating expenses	4,075	1,883	10,405	5,825
Change in financial instrument fair value	524	1,132	189	2,501
Foreign exchange (gain) loss	(80)	(686)	113	(489)
Interest expense	78	62	218	203
Loss on available for sale securities	12	19	6	13
Loss before income taxes	4,609	2,410	10,931	8,053
Income tax benefit
Net loss	4,609	2,410	10,931	8,053
Other comprehensive loss:
Net loss	4,609	2,410	10,931	8,053
Other comprehensive (gain) loss:
Reporting currency translation	91	987	(140)	36
Total comprehensive loss	$ 4,700	$ 3,397	$ 10,791	$ 8,089
Loss per common share, basic (in dollars per shares)	$ 0.02	$ 0.01	$ 0.06	$ 0.05
Weighted average common shares outstanding (in shares)	195,081,408	167,605,398	184,880,012	161,140,606

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Total loss for the period	$ (10,931)	$ (8,053)
Non-cash elements included in net loss:
Depreciation	7	7
Change in financial instrument fair value	189	2,501
Unrealized loss on available-for-sale investments	6	13
Accretion of convertible debt	85	57
Foreign exchange (gain) loss	157	(236)
Share-based compensation	862	643
Subtotal	(9,625)	(5,068)
Change in working capital items:
Receivables		8
Prepaid expenses	37	147
Accounts payable and accrued liabilities	571	(4,155)
Net cash used in operating activities	(9,017)	(9,068)
CASH FLOWS FROM INVESTING ACTIVITIES
Restricted cash funding	(265)
Acquisition of equipment		(4)
Net cash used in investing activities	(265)	(4)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of capital stock	5,673	5,773
Share issue costs	(66)	(95)
Issuance of convertible debt, net of issuance costs	1,000	5,060
Related party debt draws	175	600
Related party debt repayment		(1,100)
Net cash provided by financing activities	6,782	10,238
Exchange rate effect on cash	(42)	228
Change in cash during the period	(2,542)	1,394
Cash, beginning of period	4,412	753
Cash, end of period	1,870	2,147
Supplemental cash flow information:
Amounts paid for interest	48	128
Amounts paid for income taxes
Non-cash financing transaction	$ 2,212

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Deficit [Member]	Accumulated Other Comprehensive Loss [Member]	Total
Balance, beginning at Jun. 30, 2015	$ 47,617	$ 7,250	$ (48,814)	$ (1,042)	$ 5,011
Balance, beginning (in shares) at Jun. 30, 2015	156,420,334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	$ 5,838				5,838
Exercise of warrants (in shares)	12,549,309
Exercise of options	$ 405				405
Exercise of options (in shares)	1,415,000
Fair value of broker warrants granted		15			15
Fair value of Lind Warrants granted		620			620
Private placement	$ 3,750				3,750
Private placement (in shares)	9,074,835
Debt conversions	$ 638				638
Debt conversions (in shares)	1,008,512
Share issuance costs	$ (151)				(151)
Fair value of stock options exercised	304	(304)
Share-based payments		1,049			1,049
Reporting currency presentation				427	427
Loss for the period			(11,408)		(11,408)
Balance, ending at Jun. 30, 2016	$ 58,401	8,630	(60,222)	(615)	$ 6,194
Balance, ending (in shares) at Jun. 30, 2016	180,467,990				180,467,990
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	$ 1,675				$ 1,675
Exercise of warrants (in shares)	3,447,137
Exercise of options	$ 70				$ 70
Exercise of options (in shares)	150,000				(150,000)
Fair value of broker warrants granted		20			$ 20
Fair value of Lind Warrants granted		233			233
Private placement	$ 3,927				3,927
Private placement (in shares)	7,364,789
Debt conversions	$ 2,212				2,212
Debt conversions (in shares)	3,999,045
Share issuance costs	$ (180)				(180)
Fair value of stock options exercised	34	(34)
Share-based payments		862			862
Reporting currency presentation				140	(140)
Loss for the period			(10,931)		(10,931)
Balance, ending at Mar. 31, 2017	$ 66,139	$ 9,711	$ (71,153)	$ (475)	$ 4,222
Balance, ending (in shares) at Mar. 31, 2017	195,428,961				195,428,961

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (the “Company”) was incorporated on February 27, 1987 under the laws of the Province of British Columbia and currently operates in one reportable operating segment consisting of exploration and development of mineral deposits in North America, specifically, the Elk Creek Niobium/Scandium/Titanium property (the “Elk Creek Project”) located in southeastern Nebraska. These financial statements have been prepared on a going concern basis that contemplates the realization of assets and discharge of liabilities at their carrying values in the normal course of business for the foreseeable future. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The Company currently earns no operating revenues and will require additional capital in order to advance the Elk Creek Project. The Company’s ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing, and maintaining continued support from its shareholders and creditors.

BASIS OF PREPARATION

BASIS OF PREPARATION	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PREPARATION	2. BASIS OF PREPARATION a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly-owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these consolidated interim financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2016. In the opinion of Management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations and cash flows at March 31, 2017, 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.

GOING CONCERN ISSUES

GOING CONCERN ISSUES	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN ISSUES	3. GOING CONCERN ISSUES The Company incurred a loss of $10,931 for the nine months ended March 31, 2017 (2016 - $8,053), and has an accumulated deficit of $71,153 as of March 31, 2017. These factors indicate the existence of a material uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. The Company’s ability to continue operations and fund its expenditures is dependent on Management’s ability to secure additional financing. Management is actively pursuing such additional sources of financing, and while it has been successful in doing so in the past, there can be no assurance it will be able to do so in the future. These consolidated financial statements do not give effect to any adjustments required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying financial statements.

RESTRICTED CASH

RESTRICTED CASH	9 Months Ended
	Mar. 31, 2017
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	9 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
CONVERTIBLE DEBT	5. CONVERTIBLE DEBT As of March 31, June 30, Convertible Security $ 4,943 $ 5,991 Convertible Notes 559 475 $ 5,502 $ 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 Additional debt drawdown 1,000 Conversions, at fair value (2,212 ) Change in fair market value 164 Balance, March 31, 2017 $ 4,943 Further to the terms of the Convertible Security, upon satisfaction of certain conditions, including but not limited to a minimum draw down amount by Lind under the Convertible Security, a minimum market capitalization for the Company, and a minimum amount of cash on the Company’s balance sheet, the Company had the right to call an additional $1,000 under the Convertible Security (a “First Tranche Increase”). On February 14, 2017, upon satisfaction of the conditions for the First Tranche Increase, the Company provided notice to Lind to demand the advancement of an additional $1,000 in funding under the Convertible Security pursuant to its right to call. This amount was funded by Lind on March 31, 2017, resulting in an increase in the face amount of the Convertible Security increased by $1,200 ($1,000 in funding and $200 in implied interest). The maturity date of the First Tranche increase is March 31, 2019. Consistent with the accounting method utilized for the original Convertible Security drawdowns, the First Tranche Increase has been accounted for at fair value. In connection with the First Tranche Increase closing, the Company issued Lind 890,670 common share purchase warrants of the Company (the “First Tranche Warrants”). The First Tranche Warrants have a term of 36 months from issuance, and an exercise price $C0.90. The fair value of the First Tranche 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 81%, and an expected life of 3.0 years. The Company recognized $234 in change in financial instrument fair value in the consolidated statement of operations related to fair value of the First Tranche Warrants at closing. On March 20, 2017, the Company and Lind entered into an amendment to extend the term of the Convertible Security from 24 months to 30 months, such that the due date has been extended to June 17, 2018. 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 nine-month period ended March 31, 2017, $1,850 face value of the Convertible Security was converted into 3,999,045 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 March 31, 2017. 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 84 Balance, March 31, 2017 $ 559 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 (215 ) Balance, March 31, 2017 $ 115

COMMON STOCK

COMMON STOCK	9 Months Ended
	Mar. 31, 2017
Equity [Abstract]
COMMON STOCK	6. COMMON STOCK a) Issuances On February 14, 2017, the Company completed the first tranche closing (the "First Tranche Closing") of a non-brokered private placement of units (each a “Unit”) announced January 27, January 30, February 7, and February 10, 2017 (the “February 2017 Offering”). The First Tranche Closing consisted of the issuance of 3,860,800 Units at a price of C$0.70 per Unit, for gross proceeds of C$2.7 million. Each Unit consists of one Common Share and one transferable Common Share purchase warrant (each whole such warrant a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of C$0.85 for a period of 36 months from their date of issuance. On February 28, 2017, the Company completed the second and final tranche closing (the "Final Closing") of the February 2017 Offering. The Final Closing consisted of the issuance of 3,503,989 units including 2,964,682 units dated February 21, 2017, and 539,307 units dated February 28, 2017 (collectively, the “Final Closing Units”), at a price of C$0.70 per Unit, for gross aggregate proceeds of C$2.5 million. Each Final Closing Unit consists of one Common Share and one transferable Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of C$0.85 for a period of three years from Unit issuance. The Company paid cash commissions of C$88 and issued 78,342 broker warrants (having the same terms as the Warrants) in connection with the Final Closing to brokers outside of the United States. The broker warrants were valued at C$26 using a risk-free rate of 0.75%, expected volatility of 81.27% and expected life of three years. 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 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 6,360,000 0.78 Exercised (150,000 ) 0.62 Cancelled/expired (650,000 ) 0.76 Balance, March 31, 2017 17,025,000 $ 0.72 The following table summarizes the information and assumptions used to determine option costs for the nine-month period ended March 31, 2017: Fair value per option granted during the period (C$) $ 0.42 Risk-free interest rate 0.75 % Expected dividend yield 0 % Expected stock price volatility (historical basis) 92.93 % Expected option life in years 2.15 The following table summarizes information about stock options outstanding at March 31, 2017: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 $ 89 370,000 $ 89 $ 0.62 January 19, 2021 5,275,000 633 3,956,250 475 $ 0.65 May 20, 2017 50,000 4 50,000 4 $ 0.65 July 28, 2017 1,250,000 113 1,250,000 113 $ 0.76 September 2, 2017 500,000 - 500,000 - $ 0.76 March 7, 2022 5,650,000 - - - $ 0.80 December 22, 2017 2,720,000 - 2,720,000 - $ 0.94 April 28, 2018 500,000 - 500,000 - $ 0.96 July 21, 2021 710,000 - 355,000 - Balance March 31, 2017 17,025,000 $ 839 9,701,250 $ 681 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing stock price of C$0.74 as of March 31, 2017, 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 March 31, 2017, totaled 5,626,250. As March 31, 2017, there was $1,436 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 1.4 years. c) Warrants Warrant transactions are summarized as follows: Warrants Weighted average Balance June 30, 2016 22,733,685 $ 0.74 Granted 8,333,801 0.86 Exercised (3,447,137 ) 0.65 Expired (7,011,263 ) 0.79 Balance, March 31, 2017 20,609,086 $ 0.79 As discussed above under Note 6a, the Company granted 7,364,789 warrants and 78,342 broker warrants in conjunction with the February 2017 Offering. In addition, as discussed above under Note 5, the Company granted 890,670 First Tranche Increase warrants to Lind in connection with the funding of the First Tranche Increase. At March 31, 2017, the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 3,125,000 0.72 December 22, 2018 9,150,285 0.75 January 19, 2019 3,860,800 0.85 February 14, 2020 2,964,682 0.85 February 21, 2020 617,649 0.85 February 28, 2020 890,670 0.90 March 31, 2020 20,609,086

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	9 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND BALANCES	7. RELATED PARTY TRANSACTIONS AND BALANCES On January 16, 2017, the Company entered into a non-revolving credit facility agreement (the “Credit Facility”) in the amount of $2,000 with Mark Smith, Chief Executive Officer and Executive Chairman of NioCorp. 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 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. The Company has an additional loan with Mr. Smith (the “Original Smith Loan”) that 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. The principal amount outstanding under the Original Smith Loan is $1,000. On March 20, 2017, the due dates on the Smith Credit Facility and the Original Smith Loan were extended to June 16, 2018 and June 17, 2018, respectively. As of March 31, 2017, accounts payable and accrued liabilities included interest payable to Mr. Smith of $107.

EXPLORATION EXPENDITURES

EXPLORATION EXPENDITURES	9 Months Ended
	Mar. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
EXPLORATION EXPENDITURES	8. Exploration Expenditures For the three months For the nine months 2017 2016 2017 2016 Technical studies and engineering $ 1,994 $ 215 $ 3,982 $ 1,878 Field management and other 371 275 1,004 668 Drilling - - - 197 Metallurgical development 366 68 2,057 178 Geologists and field staff 30 8 85 41 Total $ 2,761 $ 566 $ 7,128 $ 2,962

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017 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 March 31, 2017 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,852 $ 1,852 $ - $ - Available for sale securities 26 26 - - Total $ 1,878 $ 1,878 $ - $ - Liabilities: Convertible debt $ 4,943 $ - $ - $ 4,943 Derivative liability, convertible debt 115 - - 115 Total $ 5,058 $ - $ - $ 5,058 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: Balance, June 30, 2016 $ 6,321 Additional debt drawdown 1,000 Conversions to equity (2,212 ) Realized and unrealized losses (51 ) Balance, March 31, 2017 $ 5,058

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENT	10. SUBSEQUENT EVENT On May 10, 2017, the Company announced that it had entered into an agreement, subject to regulatory approval, with Mackie Research Capital Corporation (“Mackie”), which agreement was subsequently amended on May 12, 2017. Pursuant to the amended agreement, Mackie has agreed to purchase, on a bought deal short form prospectus basis, 3,077,000 units of the Company (the “May 2017 Units”) at a price of C$0.65 per May 2017 Unit for gross proceeds to the Company of up to C$2,000,050 (the “May 2017 Offering”), subject to an option to increase the size of the May 2017 Offering by up to 15% in May 2017 Units. Each May 2017 Unit will consist of one Common Share and one warrant, with each warrant entitling the holder to acquire one Common Share at a price of C$0.85 at any time prior to the date which is three years following completion of the May 2017 Offering. Proceeds of the May 2017 Offering will be used for general working capital purposes.

BASIS OF PREPARATION (Policies)

BASIS OF PREPARATION (Policies)	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation and Consolidation	a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated 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 March 31, 2017, and for all periods presented have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2016. The interim results are not necessarily indicative of results for the full year ending June 30, 2017, or future operating periods.
Recent Accounting Standards	b) Recent Accounting Standards In 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.
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.

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	9 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of convertible debt	As of March 31, June 30, Convertible Security $ 4,943 $ 5,991 Convertible Notes 559 475 $ 5,502 $ 6,4 66
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 Additional debt drawdown 1,000 Conversions, at fair value (2,212 ) Change in fair market value 164 Balance, March 31, 2017 $ 4,943
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 84 Balance, March 31, 2017 $ 559
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 (215 ) Balance, March 31, 2017 $ 115

COMMON STOCK (Tables)

COMMON STOCK (Tables)	9 Months Ended
	Mar. 31, 2017
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 6,360,000 0.78 Exercised (150,000 ) 0.62 Cancelled/expired (650,000 ) 0.76 Balance, March 31, 2017 17,025,000 $ 0.72
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 nine-month period ended March 31, 2017: Fair value per option granted during the period (C$) $ 0.42 Risk-free interest rate 0.75 % Expected dividend yield 0 % Expected stock price volatility (historical basis) 92.93 % Expected option life in years 2.15
Schedule of information about stock options outstanding	The following table summarizes information about stock options outstanding at March 31, 2017: Exercise Expiry date Number Aggregate Number Aggregate $ 0.50 May 9, 2017 370,000 $ 89 370,000 $ 89 $ 0.62 January 19, 2021 5,275,000 633 3,956,250 475 $ 0.65 May 20, 2017 50,000 4 50,000 4 $ 0.65 July 28, 2017 1,250,000 113 1,250,000 113 $ 0.76 September 2, 2017 500,000 - 500,000 - $ 0.76 March 7, 2022 5,650,000 - - - $ 0.80 December 22, 2017 2,720,000 - 2,720,000 - $ 0.94 April 28, 2018 500,000 - 500,000 - $ 0.96 July 21, 2021 710,000 - 355,000 - Balance March 31, 2017 17,025,000 $ 839 9,701,250 $ 681
Schedule of warrant transactions	Warrant transactions are summarized as follows: Warrants Weighted average Balance June 30, 2016 22,733,685 $ 0.74 Granted 8,333,801 0.86 Exercised (3,447,137 ) 0.65 Expired (7,011,263 ) 0.79 Balance, March 31, 2017 20,609,086 $ 0.79
Schedule of outstanding exercisable warrants	At March 31, 2017, the Company has outstanding exercisable warrants, as follows: Number Exercise Expiry Date 3,125,000 0.72 December 22, 2018 9,150,285 0.75 January 19, 2019 3,860,800 0.85 February 14, 2020 2,964,682 0.85 February 21, 2020 617,649 0.85 February 28, 2020 890,670 0.90 March 31, 2020 20,609,086

EXPLORATION EXPENDITURES (Tabl

EXPLORATION EXPENDITURES (Tables)	9 Months Ended
	Mar. 31, 2017
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of exploration expenditures	For the three months For the nine months 2017 2016 2017 2016 Technical studies and engineering $ 1,994 $ 215 $ 3,982 $ 1,878 Field management and other 371 275 1,004 668 Drilling - - - 197 Metallurgical development 366 68 2,057 178 Geologists and field staff 30 8 85 41 Total $ 2,761 $ 566 $ 7,128 $ 2,962

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of fair values determined by Level 3 inputs are unobservable data	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 March 31, 2017 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 1,852 $ 1,852 $ - $ - Available for sale securities 26 26 - - Total $ 1,878 $ 1,878 $ - $ - Liabilities: Convertible debt $ 4,943 $ - $ - $ 4,943 Derivative liability, convertible debt 115 - - 115 Total $ 5,058 $ - $ - $ 5,058 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
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: Balance, June 30, 2016 $ 6,321 Additional debt drawdown 1,000 Conversions to equity (2,212 ) Realized and unrealized losses (51 ) Balance, March 31, 2017 $ 5,058

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative)	9 Months Ended
	Mar. 31, 2017Number
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segment	1

GOING CONCERN ISSUES (Details N

GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (4,609)	$ (2,410)	$ (10,931)	$ (8,053)	$ (11,408)
Accumulated deficit	$ (71,153)		$ (71,153)		$ (60,222)

RESTRICTED CASH (Details Narrat

RESTRICTED CASH (Details Narrative) $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)
Accounts Payable [Member]
Restricted cash amounts held in escrow account	$ 265

CONVERTIBLE DEBT (Details)

CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Short-term Debt [Line Items]
Convertible of long term debt	$ 5,502	$ 6,466
Secured Convertible Security [Member]
Short-term Debt [Line Items]
Convertible of long term debt	4,943	5,991
Unsecured Convertible Promissory Notes [Member]
Short-term Debt [Line Items]
Convertible of long term debt	$ 559	$ 475

CONVERTIBLE DEBT (Details 1)

CONVERTIBLE DEBT (Details 1) $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)
Change Convertible Security Balance [Roll Forward]
Balance at beginning	$ 6,466
Balance at ending	5,502
Secured Convertible Security [Member]
Change Convertible Security Balance [Roll Forward]
Balance at beginning	5,991
Balance at ending	4,943
Secured Convertible Security [Member] | Lind Partners Asset Management IV, LLC [Member]
Change Convertible Security Balance [Roll Forward]
Balance at beginning	5,991
Additional debt drawdown	1,000
Conversions, at fair value	(2,212)
Change in fair market value	164
Balance at ending	$ 4,943

CONVERTIBLE DEBT (Details 2)

CONVERTIBLE DEBT (Details 2) $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)
Convertible Notes [Roll Forward]
Balance at beginning	$ 6,466
Balance at ending	5,502
Unsecured Convertible Promissory Notes [Member]
Convertible Notes [Roll Forward]
Balance at beginning	475
Accreted interest, net of interest paid	84
Balance at ending	$ 559

CONVERTIBLE DEBT (Details 3)

CONVERTIBLE DEBT (Details 3) $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)
Derivative Instruments and Hedges, Liabilities, Noncurrent [Roll Forward]
Balance at beginning	$ 330
Balance at ending	115
Unsecured Convertible Promissory Notes [Member]
Derivative Instruments and Hedges, Liabilities, Noncurrent [Roll Forward]
Balance at beginning	330
Change in fair value of derivative liability	(215)
Balance at ending	$ 115

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative) $ in Thousands	Mar. 31, 2017USD ($)	Feb. 14, 2017USD ($)	Mar. 31, 2017USD ($)shares	Mar. 31, 2017CAD / sharesshares
Lind Partners Asset Management IV, LLC [Member] | Tranche One [Member] | Warrant [Member]
Number of common stock purchased | shares				890,670
Warrant term			36 months
Risk-free interest rate			1.30%
Expected dividend yield			0.00%
Volatility rate			81.00%
Expected life			3 years
Change in financial instrument fair value			$ 234
Lind Partners Asset Management IV, LLC [Member] | Tranche One [Member] | Warrant [Member] | Canada
Exercise price (in dollars per share) | CAD / shares				CAD 0.90
Secured Convertible Security [Member]
Description of convenent			The Convertible Security contains financial and non-financial covenants customary for a facility of this size and nature, and includes a financial covenant defining an event of default as all present and future liabilities of the Company or any of its subsidiaries, exclusive of related party loans, for an amount or amounts exceeding $2,000, and which have not been satisfied on time or within 90 days of invoice, or have become prematurely payable as a result of its default or breach. The Company was in compliance as of March 31, 2017.
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.
Debt conversion amount			$ 1,850
Number of shares issued upon debt conversion | shares			3,999,045
Secured Convertible Security [Member] | Lind Partners Asset Management IV, LLC [Member]
Additional debt drawdown			$ 1,000
Secured Convertible Security [Member] | Lind Partners Asset Management IV, LLC [Member] | Tranche One [Member]
Additional debt drawdown	$ 1,200	$ 1,000
Maturity date of the first tranche		Mar. 31, 2019

COMMON STOCK (Details)

COMMON STOCK (Details)	9 Months Ended
	Mar. 31, 2017CAD / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance at beginning | shares	11,465,000
Granted | shares	6,360,000
Exercised | shares	(150,000)
Cancelled/expired | shares	(650,000)
Balance at end | shares	17,025,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Balance at beginning | CAD / shares	CAD 0.69
Granted | CAD / shares	0.78
Exercised | CAD / shares	0.62
Cancelled/expired | CAD / shares	0.76
Balance at end | CAD / shares	CAD 0.72

COMMON STOCK (Details 1)

COMMON STOCK (Details 1)	9 Months Ended
	Mar. 31, 2017CAD / shares
Equity [Abstract]
Fair value per option granted during the period (C$)	CAD 0.42
Risk-free interest rate	0.75%
Expected dividend yield	0.00%
Expected stock price volatility (historical basis)	92.93%
Expected option life in years	2 years 1 month 24 days

COMMON STOCK (Details 2)

COMMON STOCK (Details 2) CAD in Thousands	9 Months Ended
	Mar. 31, 2017CADshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of outstanding | shares	17,025,000
Aggregate Intrinsic Value | CAD	CAD 839
Number exercisable | shares	9,701,250
Aggregate Intrinsic Value | CAD	CAD 681
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
Number of outstanding | shares	370,000
Aggregate Intrinsic Value | CAD	CAD 89
Number exercisable | shares	370,000
Aggregate Intrinsic Value | CAD	CAD 89
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
Number of outstanding | shares	5,275,000
Aggregate Intrinsic Value | CAD	CAD 633
Number exercisable | shares	3,956,250
Aggregate Intrinsic Value | CAD	CAD 475
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
Number of outstanding | shares	50,000
Aggregate Intrinsic Value | CAD	CAD 4
Number exercisable | shares	50,000
Aggregate Intrinsic Value | CAD	CAD 4
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
Number of outstanding | shares	1,250,000
Aggregate Intrinsic Value | CAD	CAD 113
Number exercisable | shares	1,250,000
Aggregate Intrinsic Value | CAD	CAD 113
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
Number of outstanding | shares	500,000
Aggregate Intrinsic Value | CAD
Number exercisable | shares	500,000
Aggregate Intrinsic Value | CAD
Exercise Price C$0.76 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Expiry date	Mar. 7, 2022
Number of outstanding | shares	5,650,000
Aggregate Intrinsic Value | CAD
Number exercisable | shares
Aggregate Intrinsic Value | CAD
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
Number of outstanding | shares	2,720,000
Aggregate Intrinsic Value | CAD
Number exercisable | shares	2,720,000
Aggregate Intrinsic Value | CAD
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
Number of outstanding | shares	500,000
Aggregate Intrinsic Value | CAD
Number exercisable | shares	500,000
Aggregate Intrinsic Value | CAD
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 | shares	710,000
Aggregate Intrinsic Value | CAD
Number exercisable | shares	355,000
Aggregate Intrinsic Value | CAD

COMMON STOCK (Details 3)

COMMON STOCK (Details 3)	9 Months Ended
	Mar. 31, 2017CAD / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance, at beginning | shares	22,733,685
Granted | shares	8,333,801
Exercised | shares	(3,447,137)
Expired | shares	(7,011,263)
Balance, at end | shares	20,609,086
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Outstanding Weighted Average Exercise Price [Roll Forward]
Balance, at beginning | CAD / shares	CAD 0.74
Granted | CAD / shares	0.86
Exercised | CAD / shares	0.65
Expired | CAD / shares	0.79
Balance, at end | CAD / shares	CAD 0.79

COMMON STOCK (Details 4)

COMMON STOCK (Details 4) - CAD / shares	9 Months Ended
	Mar. 31, 2017	Jun. 30, 2016
Class of Warrant or Right [Line Items]
Number	20,609,086	22,733,685
Exercise Price C$0.72 [Member]
Class of Warrant or Right [Line Items]
Number	3,125,000
Exercise Price	CAD 0.72
Expiry Date	Dec. 22, 2018
Exercise Price C$0.75 [Member]
Class of Warrant or Right [Line Items]
Number	9,150,285
Exercise Price	CAD 0.75
Expiry Date	Jan. 19, 2019
Exercise Price C$0.85 [Member]
Class of Warrant or Right [Line Items]
Number	3,860,800
Exercise Price	CAD 0.85
Expiry Date	Feb. 14, 2020
Exercise Price C$0.85 [Member]
Class of Warrant or Right [Line Items]
Number	2,964,682
Exercise Price	CAD 0.85
Expiry Date	Feb. 21, 2020
Exercise Price C$0.85 [Member]
Class of Warrant or Right [Line Items]
Number	617,649
Exercise Price	CAD 0.85
Expiry Date	Feb. 28, 2020
Exercise Price C$0.90 [Member]
Class of Warrant or Right [Line Items]
Number	890,670
Exercise Price	CAD 0.9
Expiry Date	Mar. 31, 2020

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) CAD / shares in Units, CAD in Thousands, $ in Thousands	1 Months Ended		9 Months Ended
	Feb. 28, 2017CADCAD / sharesshares	Feb. 14, 2017CADCAD / sharesshares	Mar. 31, 2017USD ($)shares	Mar. 31, 2017CAD / shares
Number of outstanding			17,025,000
Broker Warrant [Member]
Plan award term	3 years
Number of units issued	78,342
Risk free interest rate	0.75%
Volatility	81.27%
Expected life	3 years
Warrant [Member]
Number of warrants granted	7,364,789
Warrant [Member] | Secured Convertible Security [Member] | Lind Partners Asset Management IV, LLC [Member]
Number of outstanding			890,670
Tranche One [Member] | Warrant [Member] | Lind Partners Asset Management IV, LLC [Member]
Risk free interest rate			1.30%
Volatility			81.00%
Expected life			3 years
Non-Brokered Private Placement [Member] | Tranche One [Member]
Number of units issued		3,860,800
Description of units		Each Unit consists of one Common Share and one transferable Common Share purchase warrant (each whole such warrant a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of C$0.85 for a period of 36 months from their date of issuance.
Non-Brokered Private Placement [Member] | Tranche Two [Member]
Number of units issued	3,503,989
Description of units	Each Final Closing Unit consists of one Common Share and one transferable Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to acquire one additional Common Share at a price of C$0.85 for a period of three years from Unit issuance.
Non-Brokered Private Placement [Member] | Tranche Two, Dated on February 21, 2017 [Member]
Number of units issued	2,964,682
Non-Brokered Private Placement [Member] | Tranche Two, Dated on February 28, 2017 [Member]
Number of units issued	539,307
Canada | Broker Warrant [Member]
Unit price (in dollars per unit) | CAD / shares	CAD 26
Canada | Non-Brokered Private Placement [Member]
Unit price (in dollars per unit) | CAD / shares		CAD 0.70
Canada | Non-Brokered Private Placement [Member] | Tranche One [Member]
Gross proceeds from units issued | CAD		CAD 2,700
Canada | Non-Brokered Private Placement [Member] | Tranche Two [Member]
Unit price (in dollars per unit) | CAD / shares	CAD 0.70
Gross proceeds from units issued | CAD	CAD 2,500
Cash commissions paid | CAD	CAD 88
Stock Option Plan [Member]
Percentage of maximum outstanding stock issued under plan			10.00%
Plan award term			10 years
Number of vested and exercisable options			5,626,250
Unrecognized compensation cost | $			$ 1,436
Cost recognized weighted average period			1 year 4 months 24 days
Stock Option Plan [Member] | Canada
Share price (in dollars per share) | CAD / shares				CAD 0.74

RELATED PARTY TRANSACTIONS AN36

RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - USD ($) $ in Thousands	Jan. 16, 2017	Mar. 31, 2017	Jan. 18, 2017	Jun. 30, 2016
Related party loans		$ 1,175		$ 1,000
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
General Security Agreement [Member] | Mr.Mark A. Smith [Member] | 10% Related Party Loan Due June 17, 2017 [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.
Related party loans		$ 1,000
General Security Agreement [Member] | Mr.Mark A. Smith [Member] | 10% Related Party Loan Due June 17, 2017 [Member] | Accounts Payable and Accrued Liabilities [Member]
Interest payable		$ 175

EXPLORATION EXPENDITURES (Detai

EXPLORATION EXPENDITURES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Total	$ 2,761	$ 566	$ 7,128	$ 2,962
Technical Studies and Engineering [Member]
Total	1,994	215	3,982	1,878
Field Management and Other [Member]
Total	371	275	1,004	668
Drilling [Member]
Total				197
Metallurgical Development [Member]
Total	366	68	2,057	178
Geologists and Field Staff [Member]
Total	$ 30	$ 8	$ 85	$ 41

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Assets:
Cash and cash equivalents	$ 1,852	$ 4,412
Available for sale securities	26	32
Total	1,878	4,444
Liabilities:
Convertible debt	4,943	5,991
Derivative liability, convertible debt	115	330
Total	5,058	6,321
Level 1 [Member]
Assets:
Cash and cash equivalents	1,852	4,412
Available for sale securities	26	32
Total	1,878	4,444
Liabilities:
Convertible debt
Derivative liability, convertible debt
Total
Level 2 [Member]
Assets:
Cash and cash equivalents
Available for sale securities
Total
Liabilities:
Convertible debt
Derivative liability, convertible debt
Total
Level 3 [Member]
Assets:
Cash and cash equivalents
Available for sale securities
Total
Liabilities:
Convertible debt	4,943	5,991
Derivative liability, convertible debt	115	330
Total	$ 5,058	$ 6,321

FAIR VALUE MEASUREMENTS (Deta39

FAIR VALUE MEASUREMENTS (Details 1) - Level 3 [Member] $ in Thousands	9 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning	$ 6,321
Additional debt drawdown	1,000
Conversions to equity	(2,212)
Realized and unrealized losses	(51)
Balance at end	$ 5,058

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative) - Mackie Research Capital Corporation [Member] CAD / shares in Units, CAD in Thousands	May 12, 2017CADCAD / sharesshares
Number of units issued	3,077,000
Unit price (in dollars per unit) | CAD / shares	CAD 0.65
Gross proceeds from unit issuance | CAD	CAD 2,000,050
Percentage of units increase	15.00%
Common Stock [Member]
Number of shars in each unit	1
Warrant [Member]
Number of shars in each unit	1
Warrant exercise price (in dollars per share) | CAD / shares	CAD 0.85
Warrant term	3 years