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I think Mark said that the EXIM loan was imminent. I forget when though.
Not giving it back. I'm selling it to recover my NioCorp losses.
CNBC reports NioCorp ends day US$0.04 in the RED at US$1.65.
Please send me the Deed to your house and garden by EOM.
I'll probably need to sell my NioCorp shares to cover part of the taxes on the Capital Gains when I sell your house. Well, it would be a start anyway.
I already lost enough with NioCorp. No way I'm betting my house over anything remotely related to this management team.
Feel free to send me the Deed to yours those.
Unfortunately we are red (again) before EOD.
Which July? I feel like we often hear "we will know by ..." but then those dates pass and here we are waiting. Still.
Why all the negativity? Just over 2 weeks ago I was told that JPMorgan Chase wouldn't have engaged with NioCorp if they thought we'd default. They were going to help with EXIM financing. This was another positive sign.
Then a week later management says that it will be at least 9 months longer for EXIM due to more drilling needed.
Which is it? Are things great or abysmal? Stock price says the latter.
But this is why management is terrible.
They are doing what any bank would do in this situation which is to have the drill info (likely for REE's) re verified because the drill information came from an entity other than NioCorp.
in the best interest of the bank and shareholders IMO.
It is a recurring theme though. There is always something else to move the goalposts.
I was frustrated but patient years 1-9 when we were constantly hovering between about $0.50-$0.80 because I was generally about even and usually slightly positive gains. Now I'm just mad.
Since the October 2022 announcement of the SPAC deal everything has gone to hell in a hurry. We have no revenue and almost no cash on hand. We have lost hundreds of millions in market capitalization and share price hovers just above multi-decade lows. We can't really even raise capital on NASDAQ because that would just dilute us even more We seem to be paying a lot of fees for studies and crappy financing deals. Mark made sure he got his money out plus his interest.
All this happened while salaries, bonuses (Mark got a $100k bonus in 2023 while the stock crashed 80%?), and equity compensation went up significantly, even for the part timers. Now we are told that we need to wait another year after what was effectively a commercial for what should be a vendor to our operations. Nice job management.
So a few years ago I heard a lot about how this project was de-risked and shovel ready except for that Air Permit and financing. Seems like it isn't quite a shovel ready as advertised if we need to drill more to get REE data to sufficiently de-risk it from "probable to proven" in order to get financing.
Didn't we just do some additional drilling in 2021 "in order to compile sufficient data with the aim of publishing an updated Mineral Resource for the Elk Creek Critical Minerals Project (the “Project”) that includes individual rare earth elements (“REEs”) grades and tonnage that may exist in the deposit."
Now we have to do more drilling and analysis? Why didn't management have this completed then?
Oh well, next year is going to be our year. Every year.
Quantum Rare Earths didn't collect or analyze for REEs over a decade ago? Whose decision was is to focus on the niobium? Then add scandium and titanium? Then add REEs?
Mark has been compensated about $500k/year for a decade at this part time job and doesn't have REE ore information when he took over a company called Quantum Rare Earths?
Sounds like it is bonus and raise time at NioCorp Academic Studies Corporation.
So the same problem as ... ever?
Now we have to have the money to start....
T&T, seems unreasonable to have expected the NioCorp management to consider or include rare earths in the earlier feasibility studies. I mean, come on, they're NioCorp not Quantum Rare Earths.
Quantum Rare Earth Announces Board Addition, Impending Company Name Change;
I'm using exaggeration for the purposes of illustration since it seems that was too difficult and some people are taking that post literally. NioCorp has a long history of misleading news releases and deals.
SPAC deal
"This is a big fundraising effort," he said in an interview. "This could result in $285 million in our treasury to put towards this project."
Please feel free to explain why they use vague language then instead of concrete terms. "Engages" JPMC - what exactly does this mean and what are they doing? Did they close a loan deal or not?
Financing was "imminent" years ago but never happened. Clear concise press releases would be refreshing. But then it would be harder to hide their failures.
I don't like how much they use vague terms like "engages". What specifically are they doing?
For all we know, Mark could have walked into a JP Morgan Chase office without an appointment to ask who he could talk to about a loan and never talked to anyone who could even set up a meeting let alone make a decision. That would also qualify as NioCorp "engaging" JPMC. Doesn't mean anything will happen just like nothing happened with the German government loan from a decade ago.
It sounds nice, but still too vague to get excited yet.
The repeated over-promise, under-deliver has worn me down.
Your question is moot because you changed the terms. Your original post state:
Is obtaining $800,00,000 in a low interest loan from EXIM and an off take purchase agreement for REE's from Stellantis "intentionally designed to destroy the share price"?
Is applying to obtain an $800,00,000 low interest loan ...
As no economic analysis has been completed on the rare earth mineral resource comprising the Elk Creek Project, further studies are required before determining whether extraction of rare earth elements can be reasonably justified and is economically viable after taking account of all relevant factors.
The entrance into a binding off-take agreement is subject to the satisfactory completion of due diligence, the negotiation and settlement of final terms, the negotiation of definitive documentation, and customary closing conditions, including regulatory approvals. There can be no assurance that any binding agreement will be entered into on the terms described herein or at all. See “Forward-Looking Statements” below for additional information.
There is a big difference between applying for a loan and actually receiving the money. NioCorp has yet to close a deal that has been beneficial to shareholders in their entire history.
I can apply for a $1B loan but for some reason the Ferrari dealership won't accept my promise to pay. They kept mentioning something about insufficient funds to cash my check.
AlwaysOptimistic
Re: Truth and Transparency post# 111663
Is obtaining $800,00,000 in a low interest loan from EXIM and an off take purchase agreement for REE's from Stellantis "intentionally designed to destroy the share price"?
AlwaysOptimistic
Re: Dead On Arrival post# 111669
Please provide proof. Contracts, written statements, etc.
Please share this wonderful news that they received a low interest loan for $800,000,000. I have yet to see such wonderful news. I understand that it was imminent about 7 years ago though.
If only they would hire someone to manage these types of public relations and communications. Maybe call them something like a "Chief Communications Officer" or something like that.
I bet these types of people don't come cheap though. Probably would have to pay them around $338k/year just to do it part time.
https://www.salary.com/tools/executive-compensation-calculator/jim-sims-salary-bonus-stock-options-for-niocorp-developments-ltd?year=2022
"If they deliver ..." they have been running the company for over a decade and have yet to deliver anything in the interest of shareholders. Especially in 2023 when the stock tanked well over 75% there is no justification for a salary increase of over 36%
Mark went from: (source: https://www.salary.com/tools/executive-compensation-calculator/niocorp-developments-ltd-executive-salaries?year=2023)
2021: $106k equity + $297k salary = $403k total compensation
2022: $256k equity + $297k salary = $556k total compensation
2023: $216k equity + $404k salary = $620k total compensation - SERIOUSLY? increased salary by over $107k in a year that his deals completely destroyed all shareholder value by around 80%?
"Just do your own dd" on how he has been acting in the best interest of shareholders over these past few years let alone his entire tenure as a part time CEO at NioCorp.
Not only does management remain intact, their compensation continues to increase significantly after making horrible deals and destroying shareholder value.
Someone once posted about how CEOs of publicly traded have a fiduciary responsibility to shareholders. Not sure how increasing the salary of the part time CEO by $70k in a year when the stock value tanks by over 75% (and counting) qualifies as acting in the best interest of shareholders.
Serious question, why has there not been a plan developed to have a more palatable CAPEX plan to get things started? Can't they do something with like $500m to at least get operations started and revenue generated? I have never understood this.
Thanks in advance to any reasonable responses on such a (another) crappy day.
You mentioned something about something called Mark Smith's obligation to shareholders. Interesting concept if true. Is that a new thing because I haven't noticed or heard of it before this.
IMO, no buy outs for any of management without it being tied to a commensurate stock price or market cap return to shareholders. He's already got lots of stock so that won't be attractive to him. He's made a lot of money as a part time CEO of a company with no revenue for over a decade. He has done nothing to deserve a buy out (yet).
Where did the money for his salary (and loan interest) come from?
Let's review the past decade:
1. We are going to mine Niobium in Nebraska.
2. Change name from Quantum Rare Earths to NioCorp
3. NioCorp adds Sc & Ti to production materials list.
4. No financing closed for years.
5. Consider adding REEs to production materials list, study to be conducted
6. No financing closed or FS for the added REEs completed
7. Consider adding recycling of non-mined Rare Earth magnets to potential list of products still not yet in production.
Are we trying to be a company or should we just rename to something like Quantum Rare Earth Research Association?
The spread limit is broker by broker based on their policies. There was a time when I would put the $0.65 Niocorp shares (oh the good old days) on a limit sell order with Schwab at $40.00 and it would be valid for 90 days. At the exact same time another broker that I no longer used would not let me put the limit sell that high.
I was being critical of the author and the contents of the article, not you.
A Glimpse into NioCorp's Strategic Financing
The latest financial maneuver by NioCorp, involving the issuance of Advance Shares under a Standby Equity Purchase Agreement dated January 26, 2023, highlights a meticulous approach to funding its ambitious mineral project. These shares, priced at 97% of their volume-weighted average on Nasdaq over a three-day period, represent a critical step in securing the necessary capital. This move is not just about numbers; it's a testament to NioCorp's innovative approach to navigating the financial landscapes, ensuring that the project not only progresses but thrives.
I'm curious how you think this is in any way relatable to NioCorp?
NB's money has always been tight. Management seems to take home hefty salaries while not producing any revenue for over a decade. How is that anything like your story?
NB management gives raises, bonuses ($50k on top of a $200k+ salary), & doubles equity compensation while destroying shareholder value by making terrible deals.
Have I mentioned that they have been doing this for over a decade now? With no revenue even projected for several more years? How many VC's would be willing to cover a company's finances for a decade while producing nothing except bad deals?
How has NB's IPO worked out? Don't think there are any millionaire janitors here. Seem to have plenty of millionaire con artists though.
Fun story, but has no similarities to NB other than lack of revenue.
Here is another fun story. I made a small fortune in NB stock. I did it by starting out with a large fortune in NB stock.
I noticed that you didn't say March of what year? There is always a promise of waiting for something.
-March 2023 we were in the $9-$10 range.
-We were updating the FS to add REEs.
-We were applying for EXIM loan for $800m
-We were about to merge with a SPAC and have $250m available
-We were being uplisted to NASDAQ.
Then the bottom fell out and we're down over 75% with almost no cash and no loans. That's just 2023.
After a decade with Mark at the helm and longer with Quantum Rare Earth, I think the good will to wait has evaporated as nothing of substance has been delivered. Ever.
The zip code is Costa Mesa, CA
One thing seems clear. If Mark Smith says something along the lines of "financing is imminent" or "... will bring in money" or "historic advancements", that probably means you should sell and run away as fast as you can. Nothing positive for long investors seems to follow.
I noticed that you didn't state what year in "eoy" there.
Well they did predict "historic advancements" in 2024. I personally don't consider 10 year lows to be "advancements".