NioCorp Developments (NB) 10-Q 6 Nov 20 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Cover [Abstract]
Entity Registrant Name	NIOCORP DEVELOPMENTS LTD
Entity Central Index Key	0001512228
Document Type	10-Q
Amendment Flag	false
Entity Incorporation State Country Code	A1
Current Fiscal Year End Date	--06-30
Document Period End Date	Sep. 30, 2020
Entity File Number	000-55710
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		239,044,216
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Current
Cash	$ 542	$ 307
Prepaid expenses and other	59	31
Total current assets	601	338
Non-current
Deposits	35	35
Investment in equity securities	9	7
Right of use assets	232
Mineral interests	10,617	10,617
Total assets	11,494	10,997
Current
Accounts payable and accrued liabilities	2,895	3,065
Related party loan	3,818	3,818
Convertible debt, current portion	800	838
Notes payable, current portion	311	258
Operating lease liability	70
Derivative liability, convertible debt		33
Total current liabilities	7,894	8,012
Non-current
Notes payable, net of current portion	259	344
Operating lease liability	161
Total liabilities	8,314	8,356
SHAREHOLDERS' EQUITY
Common stock, unlimited shares authorized; shares outstanding: 238,667,620 at September 30, 2020 and 235,925,684 at June 30, 2020	85,942	84,476
Additional paid-in capital	13,462	13,206
Accumulated deficit	(95,739)	(94,686)
Accumulated other comprehensive loss	(485)	(355)
Total shareholder equity	3,180	2,641
Total liabilities and equity	$ 11,494	$ 10,997

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - shares	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Common stock, authorized	Unlimited	Unlimited
Common stock, outstanding	238,667,620	235,925,684

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating expenses
Employee related costs	$ 319	$ 354
Professional fees	108	118
Exploration expenditures	225	223
Other operating expenses	411	197
Total operating expenses	1,063	892
Change in financial instrument fair value	(34)	7
Foreign exchange (gain) loss	(101)	43
Interest expense	127	60
(Gain) loss on equity securities	(2)	3
Loss before income taxes	1,053	1,005
Income tax benefit
Net loss	1,053	1,005
Other comprehensive loss:
Net loss	1,053	1,005
Other comprehensive loss (gain):
Reporting currency translation	130	(188)
Total comprehensive loss	$ 1,183	$ 817
Loss per common share, basic and diluted (in dollars per share)	$ 0	$ 0
Weighted average common shares outstanding (in shares)	236,870,066	233,755,865

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Total loss for the period	$ (1,053)	$ (1,005)
Non-cash elements included in net loss:
Change in financial instrument fair value	(34)	7
Unrealized (gain) loss on equity securities	(2)	3
Noncash lease expense	(1)
Foreign exchange (gain) loss	(100)	37
Share-based compensation	304	74
Subtotal	(886)	(884)
Change in working capital items:
Prepaid expenses	(28)	51
Accounts payable and accrued liabilities	(195)	309
Net cash used in operating activities	(1,109)	(524)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of capital stock	1,381
Loan repayments	(33)
Related party debt drawdown		215
Net cash provided by financing activities	1,348	215
Exchange rate effect on cash and cash equivalents	(4)	(2)
Change in cash and cash equivalents during period	235	(311)
Cash and cash equivalents, beginning of period	307	357
Cash and cash equivalent, end of period	542	46
Supplemental cash flow information:
Amounts paid for interest	19	16
Amounts paid for income taxes
Lind conversions	38	703
Recognition of operating lease liabilities	$ 231

Condensed Consolidated Statem_3

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, 2019	$ 82,939	$ 13,124	$ (90,685)	$ (526)	$ 4,852
Balance, beginning (in shares) at Jun. 30, 2019	232,496,215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Debt conversions	$ 702				702
Debt conversions (in shares)	1,796,892
Share-based payments		(74)			(74)
Reporting currency presentation				188	188
Loss for the period			(1,005)		(1,005)
Balance, ending at Sep. 30, 2019	$ 83,641	13,050	(91,690)	(338)	4,663
Balance, ending (in shares) at Sep. 30, 2019	234,293,107
Balance, beginning at Jun. 30, 2020	$ 84,476	13,206	(94,686)	(355)	$ 2,641
Balance, beginning (in shares) at Jun. 30, 2020	235,925,684				235,925,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants	$ 1,351				$ 1,351
Exercise of warrants (in shares)	2,468,521
Exercise of options	$ 78	(48)			30
Exercise of options (in shares)	209,117
Debt conversions	$ 38				38
Debt conversions (in shares)	64,298
Share issuance costs	$ (1)				(1)
Share-based payments		304			304
Reporting currency presentation				(130)	(130)
Loss for the period			(1,053)		(1,053)
Balance, ending at Sep. 30, 2020	$ 85,942	$ 13,462	$ (95,739)	$ (485)	$ 3,180
Balance, ending (in shares) at Sep. 30, 2020	238,667,620				238,667,620

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS NioCorp Developments Ltd. (“NioCorp” or the “Company”) was incorporated on February 27, 1987, under the laws of the Province of British Columbia and currently operates in one 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 to construction and commercial operation. The Company’s ability to continue as a going concern is uncertain and is dependent upon obtaining sufficient financing, the generation of profits from mineral properties, and maintaining continued support from its shareholders and creditors.

BASIS OF PREPARATION

BASIS OF PREPARATION	3 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
BASIS OF PREPARATION	2. BASIS OF PREPARATION a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2020. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations, and cash flows at September 30, 2020, and for all periods presented, have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to appropriate SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2020. The interim results are not necessarily indicative of results for the full year ending June 30, 2021, or future operating periods. b) Recent Accounting Standards Issued and Adopted On July 1, 2020, NioCorp adopted Accounting Standards Update 2018-13 - Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This update modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The adoption of this standard had no impact on the consolidated financial statements. Issued and Not Effective From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption. c) Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations, and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected.

GOING CONCERN ISSUES

GOING CONCERN ISSUES	3 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN ISSUES	3. GOING CONCERN ISSUES The Company incurred a loss of $1,053 for the three months ended September 30, 2020 (2019 - $1,005) and had a working capital deficit and an accumulated deficit of $7,293 and $95,739, respectively, as of September 30, 2020. As an exploration stage entity, the Company has not yet commenced its mining operations and accordingly does not generate any revenue. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue operations and fund its expenditures, which have historically averaged $700 to $850 per quarter, 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. Since March 2020, several measures have been implemented in the United States, Canada, and the rest of the world in response to the increased impact from the novel coronavirus (“COVID-19”) pandemic. While the impact of the COVID-19 pandemic is expected to be temporary, the current circumstances are dynamic and the impact on our business operations cannot be reasonably estimated at this time. The continued spread of COVID-19 has resulted in business travel restrictions and other capital market disruptions, and this has had an impact on the following: our ability to obtain financing; development plans; results of operations; financial position; and cash flows during the current fiscal year.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	3 Months Ended
	Sep. 30, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As of Note September 30, 2020 June 30, 2020 Accounts payable, trade $ 2,212 $ 2,460 Interest payable to related party 8 557 450 Other accruals 126 155 Total accounts payable and accrued liabilities $ 2,895 $ 3,065

CONVERTIBLE DEBT

CONVERTIBLE DEBT	3 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
CONVERTIBLE DEBT	5. CONVERTIBLE DEBT As of September 30, 2020 June 30, 2020 Convertible notes, current portion $ 800 $ 800 Convertible security, current portion — 38 Total convertible Debt $ 800 $ 838 Convertible Security Funding On July 9, 2020, Lind Asset Management IV, LLC, the holder of the convertible security, converted the remaining balance thereunder of $38 into 64,298 Common Shares. Convertible Notes The changes in the derivative liability related to the conversion feature are as follows: Derivative Liability Balance, June 30, 2020 $ 33 Change in fair value of derivative liability (33 ) Balance, September 30, 2020 $ — Effective October 12, 2020, the maturity date for $750 of the Company’s outstanding convertible promissory notes was extended for one year to October 14, 2021. In addition, the amended agreement provides that the Company may repay all or any of the amount of outstanding Principal and any accrued but unpaid interest, with 14 days advance written notice (the “Notice”), as follows: ● with respect to the outstanding principal and any accrued but unpaid interest, in cash, using the Bank of Canada daily US$-C$ exchange rate on the date of the Notice; or ● with respect to the outstanding principal only, provided that the volume weighted average trading price of the Common Shares is C$0.97 or greater for a period of ten (10) consecutive trading days prior to the date of the Notice, and subject to Toronto Stock Exchange approval, by converting all or any portion of the outstanding principal into Common Shares at a conversion rate of C$0.97 per Common Share, using the Bank of Canada daily US$-C$ exchange rate on the date of the Notice. All other terms and conditions remained unchanged. $50 of the Company’s convertible promissory notes was not extended under the agreement above and was converted into 67,695 Common Shares on October 14, 2020.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Sep. 30, 2020
Notes Payable [Abstract]
NOTES PAYABLE	6. NOTES PAYABLE As of September 30, 2020 June 30, 2020 Current Portion: Vendor note $ 184 $ 166 SBA loan 127 92 Total current portion $ 311 $ 258 Noncurrent Portion: Vendor note $ 189 $ 240 SBA Loan 70 104 Total noncurrent portion $ 259 $ 344 SBA Loan On April 17, 2020, ECRC received a U.S. Small Business Administration Loan (the “SBA Loan”) from American National Bank, pursuant to the Paycheck Protection Program (the “PPP”) established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), in the amount of $196. Under the terms of the SBA Loan, the Company may be eligible for full or partial loan forgiveness. The unforgiven portion of the SBA Loan is payable over two years at an annual interest rate of 1%, with a deferral of payments for the first six months. The Company used the proceeds for purposes consistent with the PPP, and while the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loan, there can be no assurance that the Company will be eligible for forgiveness of the loan, in whole or in part.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Sep. 30, 2020
Equity [Abstract]
COMMON STOCK	7. COMMON STOCK a) Stock Options Number of Options Weighted Average Exercise Price (C$) Balance, June 30, 2020 19,129,409 $ 0.62 Issued 1,300,000 0.84 Exercised (209,117 ) 0.49 Cancelled/expired (165,883 ) 0.47 Balance, September 30, 2020 20,054,409 $ 0.64 On September 18, 2020, the Company granted 1,300,000 options at a fair value price of $C0.31 per option, based on a Black-Scholes model utilizing a risk-free rate of 0.29%, stock price volatility of 55.3% and a three-year expected option life. The following table summarizes information about options to purchase Common Shares (“Options”) outstanding at September 30, 2020: Exercise Price (C$) Expiry Date Number Outstanding Aggregate Intrinsic Value Number Exercisable Aggregate Intrinsic Value $ 0.62 January 19, 2021 4,914,409 C$ 983 4,914,409 C$ 983 $ 0.94 July 21, 2021 540,000 — 540,000 — $ 0.76 March 6, 2022 5,400,000 324 5,400,000 324 $ 0.47 November 9, 2022 3,455,000 1,209 3,455,000 1,209 $ 0.84 September 18, 2023 1,300,000 — 1,300,000 — $ 0.54 November 15, 2023 4,445,000 1,245 4,445,000 1,245 20,054,409 C$ 3,761 20,054,409 C$ 3,761 The aggregate intrinsic value in the preceding table represents the total intrinsic value, based on the Company’s closing Common Share price of C$0.82 as of September 30, 2020, that would have been received by the Option holders had all Option holders exercised their Options as of that date. The total number of in-the-money Options vested and exercisable as of September 30, 2020, was 18,214,409. As of September 30, 2020, there was $0 of unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Option plans. b) Warrants Warrants Weighted Average Exercise Price Balance June 30, 2020 12,376,451 C$ 0.74 Granted — — Exercised (2,468,521 ) 0.73 Expired (388,535 ) 0.75 Balance, September 30, 2020 9,519,395 C$ 0.74 At September 30, 2020, the Company had outstanding exercisable Warrants, as follows: Number Exercise Price (C$) Expiry Date 308,901 C$ 0.62 October 31, 2020 1,546,882 C$ 0.72 January 30, 2021 529,344 C$ 0.70 February 5, 2021 541,435 C$ 0.69 February 7, 2021 1,058,872 C$ 0.72 April 5, 2021 833,330 C$ 0.72 April 29, 2021 645,250 C$ 0.72 May 9, 2021 1,035,319 C$ 0.77 July 9, 2021 3,020,062 C$ 0.79 July 26, 2021 9,519,395

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND BALANCES	3 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND BALANCES	8. RELATED PARTY TRANSACTIONS AND BALANCES The Company has a loan with Mark Smith, President, Chief Executive Officer (“CEO”) and Executive Chairman of NioCorp (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 (the “General Security Agreement”) and is subject to both a 2.5% establishment fee and 2.5% prepayment fee. The maturity date of the Original Smith Loan is December 15, 2020. As of September 30, 2020, the principal amount outstanding under the Original Smith Loan was $1,000. The Company also has a non-revolving credit facility agreement (the “Credit Agreement”) with a limit of $3,500 with Mr. Smith. The Credit Agreement bears an interest rate of 10% and drawdowns from the Credit Agreement are subject to a 2.5% establishment fee. Amounts outstanding under the Credit Agreement are secured by all of the Company’s assets pursuant to the General Security Agreement. The Credit Agreement contains financial and non-financial covenants customary for a facility of its size and nature. The maturity date for loans made under the Credit Agreement is December 15, 2020. As of September 30, 2020, the principal amount outstanding under the Credit Agreement was $2,818. Accounts payable and accrued liabilities as of September 30, 2020, include accrued interest of $557 and origination fees of $58 payable to Mr. Smith under the Original Smith Loan and the Credit Agreement.

EXPLORATION EXPENDITURES

EXPLORATION EXPENDITURES	3 Months Ended
	Sep. 30, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
EXPLORATION EXPENDITURES	9. Exploration Expenditures For the Three Months Ended September 30, 2020 2019 Technical studies and engineering $ — $ 17 Field management and other 182 165 Metallurgical development 43 41 Total $ 225 $ 223

LEASES

LEASES	3 Months Ended
	Sep. 30, 2020
Leases [Abstract]
LEASES	10. Leases Effective August 1, 2020, the Company entered into a three-year corporate office lease extension and has recognized the corresponding right of use asset and lease liability associated with this lease extension, along with two existing nominal leases, as of September 30, 2020. The Company has applied a discount rate of 16%. These three operating leases have an average remaining life of 2.5 years as of September 30, 2020. The Company incurred lease costs of $34 and $27 for the three months ended September 30, 2020 and 2019, respectively. The maturities of our lease liabilities are as follows at September 30, 2020: Fiscal Year Lease Maturities 2021 $ 81 2022 104 2023 and thereafter 111 Total lease payments 296 Less amount of payments representing interest (65 ) Present value of lease payments $ 231

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. Fair Value Measurements The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables, or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized in income. Financial instruments including receivables, accounts payable and accrued liabilities, and related party loans are carried at amortized cost, which management believes approximates fair value due to the short-term nature of these instruments. The following tables present information about the assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020 and June 30, 2020, respectively, and indicate the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical instruments. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the financial instrument and include situations where there is little, if any, market activity for the instrument. As of September 30, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 542 $ 542 $ — $ — Equity securities 9 9 — — Total $ 551 $ 551 $ — $ — Liabilities: Derivative liability, convertible debt $ — $ — $ — $ — Total $ — $ — $ — $ — As of June 30, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 307 $ 307 $ — $ — Equity securities 7 7 — — Total $ 314 $ 314 $ — $ — Liabilities: Convertible debt $ 38 $ — $ — $ 38 Derivative liability, convertible debt 33 — — 33 Total $ 71 $ — $ — $ 71 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 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, 2020 $ 71 Conversions to equity (38 ) Realized and unrealized losses (33 ) Balance, September 30, 2020 $ —

BASIS OF PREPARATION (Policies)

BASIS OF PREPARATION (Policies)	3 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Preparation and Consolidation	a) Basis of Preparation and Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financial statements include the consolidated accounts of the Company and its wholly owned subsidiaries with all significant intercompany transactions eliminated. The accounting policies followed in preparing these interim condensed consolidated financial statements are those used by the Company as set out in the audited consolidated financial statements for the year ended June 30, 2020. In the opinion of management, all adjustments considered necessary (including reclassifications and normal recurring adjustments) to present fairly the financial position, results of operations, and cash flows at September 30, 2020, and for all periods presented, have been included in these interim condensed consolidated financial statements. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to appropriate SEC rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2020. The interim results are not necessarily indicative of results for the full year ending June 30, 2021, or future operating periods.
Recent Accounting Standards	b) Recent Accounting Standards Issued and Adopted On July 1, 2020, NioCorp adopted Accounting Standards Update 2018-13 - Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. This update modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The adoption of this standard had no impact on the consolidated financial statements. Issued and Not Effective From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption.
Use of Estimates	c) Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations, convertible debt valuations, and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	3 Months Ended
	Sep. 30, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of account payable and accrued liabilities	As of Note September 30, 2020 June 30, 2020 Accounts payable, trade $ 2,212 $ 2,460 Interest payable to related party 8 557 450 Other accruals 126 155 Total accounts payable and accrued liabilities $ 2,895 $ 3,065

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	3 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of convertible debt	As of September 30, 2020 June 30, 2020 Convertible notes, current portion $ 800 $ 800 Convertible security, current portion — 38 Total convertible Debt $ 800 $ 838
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, 2020 $ 33 Change in fair value of derivative liability (33 ) Balance, September 30, 2020 $ —

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Sep. 30, 2020
Notes Payable [Abstract]
Schedule of notes payable	As of September 30, 2020 June 30, 2020 Current Portion: Vendor note $ 184 $ 166 SBA loan 127 92 Total current portion $ 311 $ 258 Noncurrent Portion: Vendor note $ 189 $ 240 SBA Loan 70 104 Total noncurrent portion $ 259 $ 344

COMMON STOCK (Tables)

COMMON STOCK (Tables)	3 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of stock option	Number of Options Weighted Average Exercise Price (C$) Balance, June 30, 2020 19,129,409 $ 0.62 Issued 1,300,000 0.84 Exercised (209,117 ) 0.49 Cancelled/expired (165,883 ) 0.47 Balance, September 30, 2020 20,054,409 $ 0.64
Schedule of information and assumptions used to determine option costs	The following table summarizes information about options to purchase Common Shares (“Options”) outstanding at September 30, 2020: Exercise Price (C$) Expiry Date Number Outstanding Aggregate Intrinsic Value Number Exercisable Aggregate Intrinsic Value $ 0.62 January 19, 2021 4,914,409 C$ 983 4,914,409 C$ 983 $ 0.94 July 21, 2021 540,000 — 540,000 — $ 0.76 March 6, 2022 5,400,000 324 5,400,000 324 $ 0.47 November 9, 2022 3,455,000 1,209 3,455,000 1,209 $ 0.84 September 18, 2023 1,300,000 — 1,300,000 — $ 0.54 November 15, 2023 4,445,000 1,245 4,445,000 1,245 20,054,409 C$ 3,761 20,054,409 C$ 3,761
Schedule of warrant transactions	Warrants Weighted Average Exercise Price Balance June 30, 2020 12,376,451 C$ 0.74 Granted — — Exercised (2,468,521 ) 0.73 Expired (388,535 ) 0.75 Balance, September 30, 2020 9,519,395 C$ 0.74
Schedule of outstanding exercisable warrants	At September 30, 2020, the Company had outstanding exercisable Warrants, as follows: Number Exercise Price (C$) Expiry Date 308,901 C$ 0.62 October 31, 2020 1,546,882 C$ 0.72 January 30, 2021 529,344 C$ 0.70 February 5, 2021 541,435 C$ 0.69 February 7, 2021 1,058,872 C$ 0.72 April 5, 2021 833,330 C$ 0.72 April 29, 2021 645,250 C$ 0.72 May 9, 2021 1,035,319 C$ 0.77 July 9, 2021 3,020,062 C$ 0.79 July 26, 2021 9,519,395

EXPLORATION EXPENDITURES (Table

EXPLORATION EXPENDITURES (Tables)	3 Months Ended
	Sep. 30, 2020
Oil and Gas Exploration and Production Industries Disclosures [Abstract]
Schedule of exploration expenditures	For the Three Months Ended September 30, 2020 2019 Technical studies and engineering $ — $ 17 Field management and other 182 165 Metallurgical development 43 41 Total $ 225 $ 223

Leases (Tables)

Leases (Tables)	3 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of maturities of our lease liabilities	The maturities of our lease liabilities are as follows at September 30, 2020: Fiscal Year Lease Maturities 2021 $ 81 2022 104 2023 and thereafter 111 Total lease payments 296 Less amount of payments representing interest (65 ) Present value of lease payments $ 231

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2020
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 include situations where there is little, if any, market activity for the instrument. As of September 30, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 542 $ 542 $ — $ — Equity securities 9 9 — — Total $ 551 $ 551 $ — $ — Liabilities: Derivative liability, convertible debt $ — $ — $ — $ — Total $ — $ — $ — $ — As of June 30, 2020 Total Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 307 $ 307 $ — $ — Equity securities 7 7 — — Total $ 314 $ 314 $ — $ — Liabilities: Convertible debt $ 38 $ — $ — $ 38 Derivative liability, convertible debt 33 — — 33 Total $ 71 $ — $ — $ 71
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, 2020 $ 71 Conversions to equity (38 ) Realized and unrealized losses (33 ) Balance, September 30, 2020 $ —

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details Narrative)	3 Months Ended
	Sep. 30, 2020Number
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	1

GOING CONCERN ISSUES (Details N

GOING CONCERN ISSUES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Net loss	$ 1,053	$ 1,005
Working capital deficit	7,293
Accumulated deficit	(95,739)		$ (94,686)
Minimum [Member]
Operations and fund expenditures	700
Maximum [Member]
Operations and fund expenditures	$ 850

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable, trade	$ 2,212	$ 2,460
Interest payable to related party	557	450
Other accruals	126	155
Total accounts payable and accrued liabilities	$ 2,895	$ 3,065

CONVERTIBLE DEBT (Details)

CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Debt Disclosure [Abstract]
Convertible notes, current portion	$ 800	$ 800
Convertible security, current portion		38
Total convertible Debt	$ 800	$ 838

CONVERTIBLE DEBT (Details 1)

CONVERTIBLE DEBT (Details 1) - Derivative Liability [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)
Short-term Debt [Line Items]
Balance at beginning	$ 33
Change in fair value of derivative liability	(33)
Balance at ending

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative) - Secured Convertible Security [Member]	Oct. 12, 2020	Jul. 09, 2020
Maturity date of convertible notes	Oct. 14, 2021
Description of conversion price	with respect to the outstanding principal only, provided that the volume weighted average trading price of the Common Shares is C$0.97 or greater for a period of ten (10) consecutive trading days prior to the date of the Notice, and subject to Toronto Stock Exchange approval, by converting all or any portion of the outstanding principal into Common Shares at a conversion rate of C$0.97 per Common Share, using the Bank of Canada daily US$-C$ exchange rate on the date of the Notice.
Lind Asset Management IV, LLC [Member] | Convertible Security Funding Agreement [Member]
Description of convertible security		converted the remaining balance thereunder of $38 into 64,298 Common Shares

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Total current portion	$ 311	$ 258
Total noncurrent portion	259	344
Vendor Note [Member]
Total current portion	184	166
Total noncurrent portion	189	240
SBA Loan [Member]
Total current portion	127	92
Total noncurrent portion	$ 70	$ 104

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - SBA Loan [Member] - Paycheck Protection Program (PPP) [Member] $ in Thousands	Apr. 17, 2020USD ($)
Loan amount	$ 196
Description of maturity date	SBA Loan is payable over two years
Interest rate	1.00%

COMMON STOCK (Details)

COMMON STOCK (Details)	3 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Options
Balance at beginning | shares	19,129,409
Issued | shares	1,300,000
Exercised | shares	(209,117)
Cancelled/expired | shares	(165,883)
Balance at end | shares	20,054,409
Canada, Dollars
Weighted Average Exercise Price
Balance at beginning | $ / shares	$ 0.62
Issued | $ / shares	0.84
Exercised | $ / shares	0.49
Cancelled/expired | $ / shares	0.47
Balance at end | $ / shares	$ 0.64

COMMON STOCK (Details 1)

COMMON STOCK (Details 1) $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of outstanding | shares	20,054,409
Number exercisable | shares	20,054,409
Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 3,761
Aggregate Intrinsic Value | $	$ 3,761
Exercise Price C$0.62 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Jan. 19, 2021
Number of outstanding | shares	4,914,409
Number exercisable | shares	4,914,409
Exercise Price C$0.62 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 983
Aggregate Intrinsic Value | $	$ 983
Exercise Price C$0.94 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Jul. 21, 2021
Number of outstanding | shares	540,000
Number exercisable | shares	540,000
Exercise Price C$0.94 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $
Aggregate Intrinsic Value | $
Exercise Price C$0.76 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Mar. 6, 2022
Number of outstanding | shares	5,400,000
Number exercisable | shares	5,400,000
Exercise Price C$0.76 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 324
Aggregate Intrinsic Value | $	$ 324
Exercise Price C$0.47 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Nov. 9, 2022
Number of outstanding | shares	3,455,000
Number exercisable | shares	3,455,000
Exercise Price C$0.47 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 1,209
Aggregate Intrinsic Value | $	$ 1,209
Exercise Price C$0.54 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Nov. 15, 2023
Number of outstanding | shares	4,445,000
Number exercisable | shares	4,445,000
Exercise Price C$0.54 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $	$ 1,245
Aggregate Intrinsic Value | $	$ 1,245
Exercise Price C$0.84 [Member]
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Expiry date	Sep. 18, 2023
Number of outstanding | shares	1,300,000
Number exercisable | shares	1,300,000
Exercise Price C$0.84 [Member] | Canada, Dollars
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Aggregate Intrinsic Value | $
Aggregate Intrinsic Value | $

COMMON STOCK (Details 2)

COMMON STOCK (Details 2)	3 Months Ended
	Sep. 30, 2020USD ($)$ / sharesshares
Warrants
Balance, at beginning | shares	12,376,451
Granted | $
Exercised | shares	(2,468,521)
Expired | shares	(388,535)
Balance, at ending | shares	9,519,395
Weighted Average Exercise Price
Balance at beginning	$ 0.74
Granted
Exercised	0.73
Expired	0.75
Balance at ending	$ 0.74

COMMON STOCK (Details 3)

COMMON STOCK (Details 3) - $ / shares	3 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Warrants
Number	9,519,395	12,376,451
Warrant exercise price (in dollars per share)	$ 0.74	$ 0.74
Exercise Price C$0.62 [Member]
Warrants
Number	308,901
Warrant exercise price (in dollars per share)	$ 0.62
Expiry Date	Oct. 31, 2020
Exercise Price C$0.72 [Member]
Warrants
Number	1,546,882
Warrant exercise price (in dollars per share)	$ 0.72
Expiry Date	Jan. 30, 2021
Exercise Price C$0.70 [Member]
Warrants
Number	529,344
Warrant exercise price (in dollars per share)	$ 0.7
Expiry Date	Feb. 5, 2021
Exercise Price C$0.69 [Member]
Warrants
Number	541,435
Warrant exercise price (in dollars per share)	$ 0.69
Expiry Date	Feb. 7, 2021
Exercise Price C$0.72 [Member]
Warrants
Number	1,058,872
Warrant exercise price (in dollars per share)	$ 0.72
Expiry Date	Apr. 5, 2021
Exercise Price C$0.72 [Member]
Warrants
Number	833,330
Warrant exercise price (in dollars per share)	$ 0.72
Expiry Date	Apr. 29, 2021
Exercise Price C$0.72 [Member]
Warrants
Number	645,250
Warrant exercise price (in dollars per share)	$ 0.72
Expiry Date	May 9, 2021
Exercise Price C$0.77 [Member]
Warrants
Number	1,035,319
Warrant exercise price (in dollars per share)	$ 0.77
Expiry Date	Jul. 9, 2021
Exercise Price C$0.79 [Member]
Warrants
Number	3,020,062
Warrant exercise price (in dollars per share)	$ 0.79
Expiry Date	Jul. 26, 2021

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Sep. 18, 2020	Sep. 30, 2020
Number of options granted		1,300,000
Stock option Plan [Member]
Number of options granted	1,300,000
Risk-free rate	0.29%
Volatility	55.30%
Expected option life	3 years
Stock option Plan [Member] | Canada, Dollars
Share price (in dollars per share)	$ 0.31	$ 0.82
Number of vested and exercisable options		18,214,409
Unrecognized compensation cost		$ 0

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND BALANCES (Details Narrative) - Mark A. Smith [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)
Non Revolving Line Of Credit [Member]
Principal amount outstanding	$ 2,818
Credit facility interest rate (in dollars per share)	10.00%
Non-Revolving Credit Facility Agreement [Member]
Interest payable	$ 557
Origination fees payable	$ 58
Establishment fee	2.50%
Description of collateral	The Credit Agreement bears an interest rate of 10% and drawdowns from the Credit Agreement are subject to a 2.5% establishment fee. Amounts outstanding under the Credit Agreement are secured by all of the Company's assets pursuant to the General Security Agreement.
Non-revolving credit facility amount	$ 3,500
Non-Revolving Credit Facility Agreement [Member] | Smith Loans [Member]
Description of fees associated with providing collateral for the credit facility	The Company has a loan with Mark Smith, President, Chief Executive Officer ("CEO") and Executive Chairman of NioCorp (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 (the "General Security Agreement") and is subject to both a 2.5% establishment fee and 2.5% prepayment fee.
Principal amount outstanding	$ 1,000
Maturity date	Dec. 15, 2020

EXPLORATION EXPENDITURES (Detai

EXPLORATION EXPENDITURES (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Total	$ 225	$ 223
Technical Studies and Engineering [Member]
Total		17
Field Management and Other [Member]
Total	182	165
Metallurgical Development [Member]
Total	$ 43	$ 41

LEASES (Details)

LEASES (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
2020	$ 81
2021	104
2023 and thereafter	111
Total lease payments	296
Less amount of payments representing interest	(65)
Present value of lease payments	$ 231

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Discount rate	16.00%
Operating lease costs	$ 34	$ 27
Operating lease term	2 years 6 months
Corporate Office [Member ]
Lease option to extend	A three-year corporate office lease extension and has recognized the corresponding right of use asset and lease liability associated with this lease extension, along with two existing nominal leases

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Jun. 30, 2020
Assets:
Cash and cash equivalents	$ 542	$ 307
Equity securities	9	7
Total	551	314
Liabilities:
Convertible debt		38
Derivative liability, convertible debt		33
Total		71
Level 1 [Member]
Assets:
Cash and cash equivalents	542	307
Equity securities	9	7
Total	551	314
Liabilities:
Convertible debt
Derivative liability, convertible debt
Total
Level 2 [Member]
Assets:
Cash and cash equivalents
Equity securities
Total
Liabilities:
Convertible debt
Derivative liability, convertible debt
Total
Level 3 [Member]
Assets:
Cash and cash equivalents
Equity securities
Total
Liabilities:
Convertible debt		38
Derivative liability, convertible debt		33
Total		$ 71

FAIR VALUE MEASUREMENTS (Deta_2

FAIR VALUE MEASUREMENTS (Details 1) - Level 3 [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2020USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 71
Conversions to equity	(38)
Realized and unrealized losses	(33)
Ending balance