NioCorp Reports Highlights of 1st Quarter Fiscal 2017 Financial Results
October 25 2016 - 5:01PM
NioCorp Developments Ltd.
(“
NioCorp” or the “
Company”)
(TSX:NB) (OTCQX:NIOBF) (FSE:BR3) today released
highlights of its financial results for the quarter ending
September 30, 2016. The Company concluded the quarterly period with
a cash balance of US$1.7 million, compared to US$4.4 million at
June 30, 2016.
The Company is releasing highlights of its first
quarter 2017 results, shown below, and expects to file Form 10-Q
detailing its full financial results for the quarter prior to the
regulatory deadline of November 14th with the U. S. Securities and
Exchange Commission (“SEC”) at http://www.sec.gov,
as well as on SEDAR at http://www.sedar.com and on NioCorp’s
website at http://www.niocorp.com.
NioCorp’s financial results for the first quarter
of fiscal 2017 include the following:
- Cash and cash equivalents at September 30, 2016 totaled US$1.7
million.
- A net loss of US$2.8 million, or US$0.02 per common share, for
the three-month periods ended September 30, 2016 and 2015.
- Exploration expenditures at the Company’s Elk Creek Project
totaled US$2.0 million, as noted below.
|
|
|
|
|
|
For the three months ended September 30, (US$000’s) |
|
|
|
|
|
|
|
2016 |
|
|
2015 |
|
Technical studies and engineering |
|
|
$ |
519 |
|
$ |
1,416 |
|
Field management and other |
|
|
|
234 |
|
|
168 |
|
Drilling |
|
|
|
|
|
|
- |
|
|
281 |
|
Metallurgical Development |
|
|
|
1,190 |
|
|
85 |
|
Geologists and field staff |
|
|
|
27 |
|
|
14 |
|
TOTAL |
|
|
|
|
|
$ |
1,970 |
|
$ |
1,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
- As of September 30, 2016, the Company had total assets of
US$13.0 million, total liabilities of US$9.3 million, and a working
capital deficiency of US$0.4 million. These figures compare
to total assets of US$15.2 million, total liabilities of US$9.1
million and working capital of US$2.3 million at June 30, 2016.
These changes resulted from the Company’s continued work and focus
on completion of a feasibility study for the Elk Creek Project, and
the overall timing of financing inflows.
On Behalf of the Board of Directors:
“Mark Smith”
Mark Smith Executive Chairman, CEO and Director
For More InformationContact Jim
Sims, VP of External Affairs, NioCorp Developments, Ltd.,
720-639-4650, jim.sims@niocorp.com
About NioCorpNioCorp is developing
the Elk Creek Niobium / Scandium / Titanium project in Southeast
Nebraska. Niobium is used to produce High Strength, Low Alloy
("HSLA") steel, which is a lighter, stronger steel used in
automotive, structural, and pipeline applications. Scandium
can be combined with Aluminum to make an alloy with increased
strength and improved corrosion resistance. Scandium is also
a critical component of advanced solid oxide fuel cells.
Titanium is a key component of pigments used in paper, paint and
plastics and is also used for aerospace applications, armor and
medical implants. Cautionary Note Regarding Forward-Looking
Statements
Certain statements contained in this document may constitute
forward-looking statements, including but not limited to,
statements regarding the anticipated filing date of the Form 10-Q
and the accompanying financial statements for the quarterly period
ended September 30, 2016 and statements regarding exploration and
development of the Company’s Elk Creek project. Such
forward-looking statements are based upon NioCorp’s reasonable
expectations and business plan at the date hereof, which are
subject to change depending on economic, political and competitive
circumstances and contingencies. Readers are cautioned that such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause a change in such
assumptions and the actual outcomes and estimates to be materially
different from those estimated or anticipated future results,
achievements or position expressed or implied by those
forward-looking statements. Risks, uncertainties and other factors
that could cause NioCorp’s plans or prospects to change include
changes in demand for and price of commodities (such as fuel and
electricity) and currencies; changes or disruptions in the
securities markets; legislative, political or economic
developments; the need to obtain permits and comply with laws and
regulations and other regulatory requirements; the possibility that
actual results of work may differ from projections/expectations or
may not realize the perceived potential of NioCorp’s projects;
risks of accidents, equipment breakdowns and labor disputes or
other unanticipated difficulties or interruptions; the possibility
of cost overruns or unanticipated expenses in development programs;
operating or technical difficulties in connection with exploration,
mining or development activities; the speculative nature of mineral
exploration and development, including the risks of diminishing
quantities of grades of reserves and resources; risks involved in
the exploration, development and mining business and the risks set
forth under the heading “Risk Factors” in the Company’s S-1
registration statement and other filings with the SEC at
www.sec.gov. NioCorp disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise.
NioCorp Developments (TSX:NB)
Historical Stock Chart
From Mar 2024 to Apr 2024
NioCorp Developments (TSX:NB)
Historical Stock Chart
From Apr 2023 to Apr 2024