Niocorp Developments Ltd. Files 2024 10-K

Ticker: NIOBW · Form: 10-K · Filed: Sep 23, 2024 · CIK: 1512228

Sentiment: neutral

Topics: 10-K, mining, financials

TL;DR

Niocorp's 2024 10-K is in. Check financials for metal mining ops.

AI Summary

Niocorp Developments Ltd. filed its 10-K for the fiscal year ending June 30, 2024. The company, formerly known as Quantum Rare Earth Developments Corp., is involved in metal mining. Its principal executive offices are located in Centennial, Colorado. The filing covers the period from July 1, 2023, to June 30, 2024.

Why It Matters

This 10-K filing provides a comprehensive overview of Niocorp's financial performance and operational status for the past fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects in the metal mining sector.

Risk Assessment

Risk Level: medium — As a metal mining company, Niocorp faces inherent risks related to commodity prices, exploration, development, and regulatory environments.

Key Numbers

Key Players & Entities

FAQ

What is the primary business of Niocorp Developments Ltd.?

Niocorp Developments Ltd. is engaged in metal mining, as indicated by its Standard Industrial Classification code [1000].

When did Niocorp Developments Ltd. change its name?

The company's name was changed from Quantum Rare Earth Developments Corp. on February 4, 2011.

Where are Niocorp Developments Ltd.'s principal offices located?

The company's business and mailing address is 7000 S. Yosemite Street, Ste. 115, Centennial, CO 80112.

What is the SEC file number for Niocorp Developments Ltd.'s 10-K filing?

The SEC file number for this 10-K filing is 001-41655.

What fiscal year does this 10-K filing cover?

This 10-K filing covers the fiscal year ending June 30, 2024, from July 1, 2023, to June 30, 2024.

Filing Stats: 4,514 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-09-20 18:08:22

Filing Documents

BUSINESS

ITEM 1. BUSINESS 1 Introduction 1 Historical Development of the Business 1 Business Operations 5 Competitive Business Conditions 6 Cycles 6 Economic Dependence 7 Government Regulation 7 Human Capital 9

Forward-Looking Statements

Forward-Looking Statements 9 Available Information 11

RISK FACTORS

ITEM 1A. RISK FACTORS 11 Risks Related to Our Business 12 Risks Related to Mining and Development 17 Risks Related to Government Regulation 21 Risks Related to Our Debt 23 Risks Related to the Common Shares 24

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 27

CYBERSECURITY

ITEM 1C. CYBERSECURITY 27

PROPERTIES

ITEM 2. PROPERTIES 28

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 46

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 46 PART II 46

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 46 Market Information 46 Holders 46 Dividends 46 Securities Authorized for Issuance Under Equity Compensation Plans 46 Purchases of Equity Securities by the Company 46 Recent Sales of Unregistered Securities 47 Exchange Controls 47 Certain Canadian Federal Income Tax Considerations for U.S. Residents 47

RESERVED

ITEM 6. RESERVED 48

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 49 Summary of Consolidated Financial and Operating Performance 49 Results of Operations 49 Liquidity and Capital Resources 51 Cash Flow Considerations 56 Environmental 56

Forward-Looking Statements

Forward-Looking Statements 56 Accounting Developments 57 Critical Accounting Estimates and Recent Accounting Pronouncements 57 Other 58

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 58 Interest rate risk 58 Foreign currency exchange risk 58 Commodity price risk 58

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 59

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 97

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 97

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 99

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION 99 PART III 100

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 100 Directors and Executive Officers 100

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 104

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 111

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 114

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 115 PART IV 117

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 117

FORM 10–K SUMMARY

ITEM 16. FORM 10–K SUMMARY 120

SIGNATURES

SIGNATURES 121 Select Mining Definitions carbonatite A type of intrusive or extrusive igneous rock defined by mineralogic composition consisting of greater than 50% carbonate minerals. cut-off grade The grade (i.e., the concentration of metal or mineral in rock) that determines the destination of the material during mining. For purposes of establishing "prospects of economic extraction," the cut-off grade is the grade that distinguishes material deemed to have no economic value (it will not be mined in underground mining or if mined in surface mining, its destination will be the waste dump) from material deemed to have economic value (its ultimate destination during mining will be a processing facility). Other terms used in similar fashion as cut-off grade include net smelter return, pay limit, and break-even stripping ratio. deposit A mineralized body which has been physically delineated by sufficient drilling, trenching, and/or underground work, and found to contain a sufficient average grade of metal or metals to warrant further exploration and/or development expenditures. Such a deposit does not qualify as a commercially mineable ore body or as containing reserves or ore, unless final legal, technical, and economic factors are resolved. development stage issuer An issuer that is engaged in the preparation of mineral reserves for extraction on at least one material property development stage property A property that has mineral reserves disclosed, pursuant to Regulation S-K 1300, but no material extraction diamond drilling A type of rotary drilling in which diamond bits are used as the rock-cutting tool to produce a recoverable drill core sample of rock for observation and analysis dysprosium or Dy The element dysprosium (atomic number 66), a rare-earth element in the lanthanide series. dysprosium oxide The chemical compound composed of dysprosium and oxygen with the formula Dy 2 O 3 economically viable When used in the context of mi

controls and procedures and internal control over financial reporting could result in

controls and procedures and internal control over financial reporting could result in material misstatements in its financial statements and a failure to meet its reporting and financial obligations, each of which could have a material adverse effect on the Company's financial condition and the trading price of the Common Shares. Risks Related to Mining and Development We face numerous uncertainties in estimating our mineral reserves and resources and inaccuracies in our estimates could result in lower than expected revenues, higher than expected costs and decreased profitability. The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses. We have no history of producing commercial products from our current mining properties and there can be no assurance that we will successfully establish mining operations or profitably produce minerals. vi Any material changes in mineral resource/reserve estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital. Our properties and operations may be subject to litigation or other claims. We do not currently insure against all the risks and hazards of mineral exploration, development, and mining operations. Risks Related to Government Regulation We may not be able to obtain or renew all required permits and licenses to place any of our properties into production. We are subject to significant governmental regulations that affect our operations and costs of conducting our business. Land reclamation requirements for our properties may be burdensome and expensive. Risks Related to Our Debt The level of our indebtedness from time to time could impair our ability to obtain additional financing. We may not have the ability to service our debt, including, without limitation, to pay the installments on the April 2024 Notes (as defined herein). Risks Re

BUSINESS

ITEM 1. BUSINESS Introduction NioCorp Devel

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