What changed in this filing

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

2022-02-04 compared with 2021-11-05 · 29 added, 20 removed, 1 unchanged (98% of the section changed)

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Company’s exposure to changes in market interest rates, relates primarily to the Company’s earned interest income

on cash deposits and short-term investments.

The Company maintains a balance between the liquidity of cash assets and the interest

rate return thereon.

The carrying amount of financial assets, net of any provisions for losses, represents the Company’s

maximum exposure to credit risk.

currency exchange risk

Company incurs expenditures in both U.S.

QUANTITATIVE AND QUALITATIVE DISC LOSURES ABOUT MARKET RISK

Interest rate risk

The Company’s exposure to changes in market interest rates, relates primarily to the Company’s earned interest income on cash deposits and short-term investments.

The Company maintains a balance between the liquidity of cash assets and the interest rate return thereon.

The carrying amount of financial assets, net of any provisions for losses, represents the Company’s maximum exposure to credit risk.

Foreign currency exchange risk

The Company incurs expenditures in both U.S.

dollars and Canadian dollars.

Canadian dollar expenditures are primarily related to certain

Common Share-related costs and corporate professional services.

As a result, currency exchange fluctuations may impact the costs

of our operating activities.

To reduce this risk, we maintain sufficient cash balances in Canadian dollars to fund expected near-term

expenditures.

Company is exposed to commodity price risk related to the elements associated with the Elk Creek Project.

A significant decrease

in the global demand for these elements may have a material adverse effect on our business.

The Elk Creek Project is not in production,

and the Company does not currently hold any commodity derivative positions.

Canadian dollar expenditures are primarily related to certain Common Share-related costs and corporate professional services.

As a result, currency exchange fluctuations may impact the costs of our operating activities.

To reduce this risk, we maintain sufficient cash balances in Canadian dollars to fund expected near-term expenditures.

Commodity price risk

The Company is exposed to commodity price risk related to the elements associated with the Elk Creek Project.

A significant decrease in the global demand for these elements may have a material adverse effect on our business.

The Elk Creek Project is not in production, and the Company does not currently hold any commodity derivative positions.

CONTR OLS AND PROCEDURES

Disclosure Controls and Procedures

At the end of the period covered by this Quarterly Report on Form 10-Q for the quarter ended December 31, 2021, an evaluation was carried out under the supervision of and with the participation of our management, including the CEO and the Chief Financial Officer (“CFO”), of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act).

Based on that evaluation, the CEO and the CFO have concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective in ensuring that:

(i) information required to be disclosed by us in reports that we file or submit to the SEC under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in applicable rules and forms and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including the CEO and the CFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

Management does not expect that our disclosure controls and procedures will prevent all error and all fraud.

The effectiveness of our or any system of disclosure controls and procedures, however well designed and operated, can provide only reasonable assurance that the objectives of the system will be met and is subject to certain limitations, including the exercise of judgment in designing, implementing and evaluating controls and procedures and the assumptions used in identifying the likelihood of future events.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the three months ended December 31, 2021, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II — OTHER INFORMATION

LEGAL PRO CEEDINGS

We know of no material, active, or pending legal proceedings against the Company, nor are we involved as a plaintiff in any material proceeding or pending litigation.

There are no proceedings in which any of our directors, officers, or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

RIS K FACTORS

There have been no changes to the risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2021.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk