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NioCorp Developments Ltd. (NB-1.57%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $518,000, compared to a net loss of $3,387,000 in the same quarter the previous year. The decrease in net loss is attributed to changes in fair value of warrant liabilities and earnout shares liability.
Operating expenses for the quarter were $2,901,000, slightly down from $2,917,000 in the same quarter of the previous year. Employee-related costs increased due to the issuance of fully vested incentive options.
Professional fees decreased, primarily due to lower audit and legal costs compared to the previous year. Exploration expenditures also decreased as the prior year included costs related to the Demonstration Plant operations.
The company reported a change in fair value of earnout shares liability of $1,569,000, reflecting a decrease in the company’s common share price.
Interest expense for the quarter was $4,000, down significantly from $1,176,000 in the previous year, due to the retirement of convertible debentures.
NioCorp completed negotiations with landowners in Nebraska to extend option periods for land parcels needed for the Elk Creek Project, with payments totaling $290,000 over the extension period.
The company closed an underwritten public offering in January 2025, raising approximately $5,000,000 before expenses, to fund operations and advance the Elk Creek Project.
NioCorp continues to focus on securing additional financing to fund its operations and advance the Elk Creek Project, with plans to obtain further funding through potential sources such as the Yorkville Equity Facility Financing Agreement.
The filing also notes the company's ongoing efforts to secure federal, state, and local operating permits, and to evaluate the potential production of rare earth products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NioCorp Developments Ltd. quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.