NioCorp Developments Ltd. reported its financial results for the three months ended September 30, 2024, highlighting significant changes in its financial position compared to the previous fiscal period. As of September 30, 2024, the company had cash and cash equivalents of $150,000, a notable decrease from $2,012,000 as of June 30, 2024. Total current assets also declined to $1,196,000 from $2,928,000 during the same period.
Total assets decreased to $18,323,000, down from $20,070,000, while total liabilities were reported at $14,439,000, a reduction from $17,536,000. This resulted in an increase in total shareholders’ equity, which rose to $2,381,000 from $1,000,000 as of June 30, 2024.
For the three months ended September 30, 2024, NioCorp's total operating expenses were $1,395,000, significantly lower than the $3,443,000 reported for the same period in 2023. The net loss and comprehensive loss for the quarter was $(2,102,000), an improvement from $(3,387,000) in the prior year. The net loss attributable to the company also decreased to $(2,071,000) from $(3,213,000) in 2023, resulting in a loss per common share of $(0.05), compared to $(0.09) for the same period last year.
Net cash used in operating activities for the quarter was $(642,000), a substantial reduction from $(2,737,000) in 2023. The company raised $692,000 from the issuance of capital stock during the three months ended September 30, 2024, down from $1,532,000 in the same period of the previous year.
As of September 30, 2024, NioCorp reported a working capital deficit of $6,928,000, an improvement from a deficit of $9,000,000 as of June 30, 2024. Additionally, exploration expenditures for the quarter were $138,000, significantly lower than the $1,100,000 incurred in 2023. These financial results reflect the company's ongoing efforts to manage costs and improve its financial position amid challenging market conditions.
About NIOCORP DEVELOPMENTS LTD
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