Mon, Sep 23, 10:02 AM (98 days ago)
NioCorp Developments Ltd. reported a significant reduction in net loss for the fiscal year ending June 30, 2024, totaling CAD 11.4 million compared to CAD 40.1 million in 2023. This improvement was attributed to lower operating expenses, which decreased from CAD 37.4 million to CAD 13.8 million, driven by reduced exploration expenditures and transaction costs related to the 2023 GXII Transaction. The company has no revenue from mining operations and continues to require substantial capital to advance its Elk Creek Project, which aims to produce niobium, scandium, titanium, and potentially rare earth elements. As of June 30, 2024, NioCorp had working capital deficits of CAD 9 million and cash reserves of CAD 2 million. The company’s financial condition raises substantial doubts about its ability to continue as a going concern, necessitating additional financing estimated at CAD 25-26 million through June 2025. The company has engaged in various financing activities, including the Yorkville Equity Facility Financing Agreement, to manage its cash needs. The Elk Creek Project remains in the development stage, with ongoing efforts to secure necessary permits and financing, while facing risks related to market conditions, operational costs, and potential litigation.