Core Viewpoint - NioBay Metals Inc. has received a grant from the Ministry of Natural Resources and Forests for its Crevier 2 niobium and tantalum project, highlighting the government's support for critical minerals exploration and the project's potential [1][4]. Group 1: Grant Details - The grant is aimed at conducting mineral processing tests and systematic mineralogical characterization at the Crevier deposit [2]. - This funding is non-dilutive to shareholders, which is beneficial for the company's financial structure as it progresses the project [3]. Group 2: Project Focus - The Crevier Project will concentrate on producing niobium oxide for battery manufacturers and tantalum oxide for high-tech applications [5]. Group 3: Company Overview - NioBay aims to lead in low carbon consumption mining practices while ensuring responsible water and wildlife management, emphasizing environmental and social responsibility [7]. - The company holds a 72.5% interest in the Crevier Niobium and Tantalum project and a 100% interest in the James Bay Niobium Project [7]. Group 4: Importance of Niobium - Niobium is a ductile and corrosion-resistant metal used in various sectors, enhancing material properties and reducing environmental impacts when added to materials like steel and aluminum [8].

Financial Performance - The company incurred net losses from continuing operations of $7.2 million for the year ending December 31, 2024, compared to $6.1 million for 2023, reflecting a 17% increase in losses [132]. - Total net sales decreased by $0.7 million, or 6%, to $9.8 million for the year ended December 31, 2024, down from $10.5 million in 2023 [141]. - Product revenue, net, from eyecare products increased by $0.6 million to $9.7 million for the year ended December 31, 2024, primarily due to increased sales of Avenova Spray [145]. - Operating expenses increased by 21% to $12.3 million for the year ended December 31, 2024, compared to $10.2 million in 2023 [141]. - The company recorded a loss on divestiture of subsidiary amounting to $865,000, reflecting the impact of recent strategic changes [141]. - Cash and cash equivalents decreased to $430 thousand as of December 31, 2024, compared to $2.9 million as of December 31, 2023 [156]. - Net cash used in operating activities from continuing operations was $5.2 million for the year ended December 31, 2024, compared to $4.3 million for the year ended December 31, 2023 [160][161]. - Net cash provided by financing activities from continuing operations was $1.5 million for the year ended December 31, 2024, compared to $1.9 million for the year ended December 31, 2023 [163][164]. Asset and Liability Management - The accumulated deficit as of December 31, 2024, was $183.5 million, with total current assets of $1.9 million and total assets of $3.4 million [132]. - As of December 31, 2024, the company had net operating loss carryforwards of $153.7 million for federal income tax purposes [166]. Strategic Changes - The company completed the Avenova Asset Sale on January 17, 2025, receiving net proceeds of approximately $10.5 million, significantly reducing its revenue-generating assets [132]. - Following the Wound Care Divestiture on January 8, 2025, the company received net proceeds of $0.5 million, further diminishing its operational scope [132]. - The company anticipates fulfilling remaining contractual obligations for wound care products by the end of Q2 2025 [129]. - The company is exploring strategic alternatives, including potential dissolution, which is subject to stockholder approval [133]. - The company is exploring strategic alternatives, including a potential dissolution, subject to stockholder approval [159]. Expense Management - Cost of goods sold decreased by $1.1 million, or 25%, to $3.3 million for the year ended December 31, 2024, from $4.4 million for the year ended December 31, 2023 [147]. - Sales and marketing expenses decreased by $0.7 million, or 14%, to $4.0 million for the year ended December 31, 2024, from $4.7 million for the year ended December 31, 2023 [148]. - General and administrative expenses increased by $1.9 million, or 35%, to $7.4 million for the year ended December 31, 2024, from $5.4 million for the year ended December 31, 2023 [149].

Company Overview - NioBay Metals Inc. has appointed Mr. Laurence Farmer to the Board of Directors, replacing Mr. Mathieu Savard who resigned on March 25, 2025 [1] - The company expresses gratitude to Mr. Savard for his contributions and wishes him well in his future role as President, CEO, and Director of Vior Inc. [1] Leadership Background - Mr. Laurence Farmer has over 10 years of experience in cross-border M&A, finance, and capital markets advisory, previously serving as General Counsel and Vice President at Osisko Development Corp. [2] - He has participated in deals totaling over US$20 billion throughout his career in mining and metals [2] - Mr. Farmer is also the Co-Founder and CEO of Electric Elements Mining Corp., a project generator focused on precious and critical metals [2] Stock Options - The company has granted Mr. Farmer 50,000 incentive stock options, with one third vesting immediately and the remainder subject to a two-year vesting period [3] - The options have a seven-year term with an exercise price of $0.055, in accordance with the company's Stock Option Plan [3] Company Mission - NioBay aims to lead in the development of mines with low carbon consumption and responsible management practices, emphasizing environmental and social responsibility [4] - The company prioritizes the consent and participation of Indigenous communities in its operational territories [4] Project Interests - NioBay holds a 100% interest in the James Bay Niobium Project located in Ontario and a 72.5% interest in the Crevier Niobium and Tantalum project in Québec [5] - The company also has an option to acquire an 80% interest in the Foothills project, a titanium-phosphate project in Québec [5] Industry Insights - Niobium is a ductile and malleable metal used in various sectors, enhancing material properties and reducing environmental impacts [6] - Titanium is a strong yet lightweight metal, important for aerospace applications and increasingly used in battery components [7]

Core Viewpoint - NioBay Metals Inc. has successfully intercepted titanium in multiple surface drill holes at Zone 1 of the Foothills Property, indicating promising mineralization and potential for further exploration [1][2][6]. Company Overview - NioBay Metals Inc. is focused on developing mines with low carbon consumption and responsible environmental practices, emphasizing the importance of Indigenous community participation [10]. - The company holds a 100% interest in the James Bay Niobium Project and a 72.5% interest in the Crevier Niobium and Tantalum project, along with an option to acquire an 80% interest in the Foothills project [11]. Exploration Results - The recent drilling campaign in the fall of 2024 revealed significant TiO2 mineralized zones, with intersections calculated for a cut-off grade of 8% Ti [2][4]. - Notable drill results include: - Hole 1625-24-002: 63.25 m at 10.57% TiO2 and 5.75 m at 22.36% TiO2 [5]. - Hole 1625-24-003: 13.75 m at 12.62% TiO2 and 5.00 m at 19.13% TiO2 [5]. - Hole 1625-24-004: 4.30 m at 14.73% TiO2 [5]. Environmental Considerations - The drilling work generated 32.14 tonnes of CO2 equivalents, and the company has made a donation to Carbone Boreal as compensation for its carbon footprint [3]. Future Plans - The company plans to conduct further drilling in Zone 3, where previous surface values indicated strong titanium presence [6]. An application for authorization for this drilling has already been filed [2]. Industry Context - Titanium is a critical material used in various high-performance applications, including aerospace, medical devices, and sports equipment, due to its strength and low density [12].

Company Overview - NioBay Metals Inc is focused on exploration, development, and use of critical green metals with an Environmentally, Sustainable, Governance, and Indigenous (ESGI) focus [4] - The company holds a 100% interest in the James Bay Niobium Project located 45 km south of Moosonee, Ontario [4] - NioBay also holds a 72.5% interest in the Crevier Niobium and Tantalum project in Québec and has an option to acquire an 80% interest in the Foothills titanium-phosphate project in Quebec [4] Metallurgical Testing Results - Successful production of Ammonium Niobium Oxalate (ANO) was achieved through a reliable flowsheet incorporating hydrofluoric acid leaching, solvent extraction using 1-octanol, and precipitation with ammonium hydroxide [3] - Hydrofluoric acid leaching consistently achieved niobium dissolution in excess of 95% across a range of acid dosages [5] - A reverse precipitation test produced a residue assaying at 59.4% Nb with very low levels of impurity co-precipitation [5] Strategic Implications - The metallurgical tests reveal an opportunity to target markets demanding high-purity niobium, beyond the company's primary focus on ferroniobium production for the steel mill market [4] - The James Bay Niobium Project's mineralization can be processed to produce high-purity niobium, as confirmed by SGS results [4] Industry Context - Niobium is a naturally occurring metal that enhances properties and functionalities in materials used across Mobility, Structural, and Energy sectors [6] - When added to materials like steel, glass, and aluminum castings, niobium improves efficiency, lowers environmental impacts, and delivers benefits such as better performance, improved safety, and increased value [6]

Core Insights - The Zacks rating system is valuable for individual investors as it focuses on earnings estimate revisions, which are closely linked to near-term stock price movements [1][2][3] - NovaBay Pharmaceuticals has seen a significant increase in earnings estimates, with the Zacks Consensus Estimate rising by 87.9% over the past three months [4] - The upgrade of NovaBay Pharmaceuticals to a Zacks Rank 2 (Buy) indicates positive sentiment regarding its earnings outlook, suggesting potential upward pressure on its stock price [7][8][12] Earnings Estimate Revisions - The correlation between earnings estimate revisions and stock price movements is strong, making it beneficial for investors to track these revisions [2][3] - NovaBay Pharmaceuticals' rising earnings estimates reflect an improvement in its underlying business, which is expected to drive the stock price higher [9][12] - The Zacks rating system maintains a balanced approach, with only the top 20% of stocks receiving favorable ratings based on earnings estimate revisions [7][17] Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with a proven track record of generating significant returns for top-rated stocks [10][13] - Stocks rated Zacks Rank 1 (Strong Buy) have historically achieved an average annual return of +25% since 1988, highlighting the effectiveness of the system [10] - NovaBay Pharmaceuticals' position in the top 20% of Zacks-covered stocks indicates its strong earnings estimate revision feature, making it a candidate for market-beating returns [12][17]

Core Insights - NioBay Metals Inc. has presented its year-end report highlighting its ongoing projects and financial activities [1][8]. Group 1: Project Updates - The Foothills project, focused on titanium exploration, has seen an exploration campaign conducted from May to August, with promising surface sample results [2]. - A drilling campaign for the Foothills project was executed from late October to early December, with results pending public release [2]. - The Crevier project, which involves niobium and tantalum, has initiated metallurgical testing with SGS, expected to conclude by the end of Q1-2025 [3]. - Objectives for the Crevier project include validating process changes, producing niobium oxalate through various methods, and generating samples for potential clients [4]. - The James Bay Niobium project is undergoing environmental characterization and consultations with the Moose Cree First Nation, mandated by the Ministry of the Environment, Conservation and Parks [5]. Group 2: Research and Development - NioBay has achieved significant results in 2024 through research on niobium and tantalum applications in the hydrogen sector, collaborating with institutions like the University of Waterloo and Université du Québec à Trois-Rivières [6]. Group 3: Corporate Developments - The company appointed Ms. Josianne Beaudry to its Board of Directors, enhancing its governance structure [7]. - NioBay successfully raised nearly $2 million through financings, primarily via flow-through shares, and received a $500,000 subsidy for metallurgical testing [8]. Group 4: Company Overview - NioBay aims to lead in developing mines with low carbon consumption and responsible environmental practices, emphasizing the importance of Indigenous community participation [9]. - The company holds a 100% interest in the James Bay Niobium Project and a 72.5% interest in the Crevier project, along with an option for an 80% interest in the Foothills project [10][11]. Group 5: Material Insights - Niobium is recognized for its ductility, malleability, and corrosion resistance, enhancing materials in various sectors, including mobility and energy [12]. - Titanium, known for its strength and low density, is crucial in aerospace applications and is increasingly used in battery components [13].

Financial Performance - The company reported a loss of $124 thousand for the nine months ended September 30, 2024, following the divestiture of DERMAdoctor[256]. - The company incurred net losses of $2.2 million and $1.8 million for the three months ended September 30, 2024 and 2023, respectively, and accumulated a deficit of $182.2 million as of September 30, 2024[276]. - The company reported a net loss from continuing operations of $5.9 million for the nine months ended September 30, 2024, compared to a net loss of $4.4 million for the same period in 2023[306]. - The company reported a net loss from continuing operations of $6.0 million for the nine months ended September 30, 2024, compared to a net loss of $5.5 million for the same period in 2023[311][312]. - The company incurred a loss of $0.9 million due to the DERMAdoctor divestiture for the nine months ended September 30, 2024, with no comparable activity in the prior year[301]. Revenue and Expenses - Product revenue, net, decreased by $0.1 million, or 2%, to $2.4 million for the three months ended September 30, 2024, compared to $2.5 million for the same period in 2023[288]. - Product revenue decreased by $0.9 million, or 11%, to $7.4 million for the nine months ended September 30, 2024, compared to $8.3 million for the same period in 2023[295]. - Revenue from eyecare products increased by $0.5 million to $7.2 million for the nine months ended September 30, 2024, from $6.7 million for the same period in 2023[296]. - Revenue from wound care products decreased by $1.3 million to $0.3 million for the nine months ended September 30, 2024, from $1.6 million for the same period in 2023[297]. - Sales and marketing expenses decreased by $0.4 million, or 25%, to $0.9 million for the three months ended September 30, 2024, due to digital marketing efficiencies[290]. - Sales and marketing expenses decreased by $0.7 million, or 18%, to $3.0 million for the nine months ended September 30, 2024, from $3.7 million for the same period in 2023[299]. - General and administrative expenses increased by $0.6 million, or 56%, to $1.7 million for the three months ended September 30, 2024, primarily due to increased legal costs related to strategic initiatives[291]. - General and administrative expenses increased by $1.2 million, or 28%, to $5.6 million for the nine months ended September 30, 2024, from $4.4 million for the same period in 2023[300]. - Cost of goods sold remained consistent at $0.8 million for the three months ended September 30, 2024, and September 30, 2023[289]. - Cost of goods sold decreased by $0.9 million, or 26%, to $2.5 million for the nine months ended September 30, 2024, from $3.4 million for the same period in 2023[298]. Asset Management and Financing - The company raised gross proceeds of $3.9 million from the 2024 Public Offering, which closed on July 29, 2024[266]. - The company entered into a Bridge Loan agreement for up to $1.0 million to support working capital, with a 10% interest rate[264]. - The company had total current assets of $2.3 million and total assets of $3.9 million as of September 30, 2024[276]. - As of September 30, 2024, the company's cash and cash equivalents were $0.8 million, down from $2.9 million as of December 31, 2023[306]. - Net cash provided by financing activities was $1.0 million for the nine months ended September 30, 2024, including net proceeds of $2.9 million from the 2024 Public Offering[314]. Strategic Initiatives - The company plans to pursue an Asset Sale Transaction and Dissolution, both subject to stockholder approval, to maximize stockholder value[277]. - The company has called a special meeting of stockholders on November 22, 2024, to approve the Asset Sale Transaction and potential dissolution[261]. - The company has experienced significant operational challenges, leading to the exploration of liquidation and dissolution options if the Asset Sale Transaction does not proceed[259]. - The company is exploring various strategic options to address liquidity needs, including raising additional capital and potential divestitures[310]. Compliance and Regulatory Matters - The company received notice from the NYSE American that it accepted its compliance plan, with a plan period through October 18, 2025[274]. - If the company does not regain compliance with NYSE American's listing standards by October 18, 2025, delisting procedures may be initiated[274]. Product Information - The company’s leading product, Avenova Spray, is cleared by the FDA and is available through online channels and eyecare professionals[254]. - The company’s wound care products, NeutroPhase and PhaseOne, are sold through distributors and are used in various medical applications[255]. - The company experienced seasonality in sales of Avenova Spray, with the first quarter typically being the lowest revenue quarter due to health insurance deductible changes[320]. Other Financial Information - The company had net operating loss carryforwards of $139.3 million for federal income tax purposes as of December 31, 2023, with $94.9 million set to expire in 2024[316]. - The company had no off-balance sheet arrangements as of September 30, 2024[319]. - The company’s investment policy aims for capital preservation and liquidity assurance, with minimal interest rate risk due to the short-term nature of its investment portfolio[324]. - The company has not had any material exposure to foreign currency rate fluctuations, focusing primarily on the domestic U.S. market[325].

Financial Data and Key Metrics Changes - Total net sales for Q2 2024 were $2.4 million, an 8% increase from the prior year, driven by higher sales of eyecare products [10] - Gross margin on net product revenue for Q2 2024 was 66%, up from 49% in Q2 2023, primarily due to increased sales of higher-margin eyecare products [10] - Net loss attributable to common stockholders for Q2 2024 was $1.6 million or $1.37 per share, compared to a net loss of $4 million or $44.43 per share in Q2 2023 [12] - For the first half of 2024, net sales were $5 million, down from $5.9 million in the same period of 2023 [13] Business Line Data and Key Metrics Changes - Sales from eyecare products for the first half of 2024 reached $4.8 million, compared to $4.4 million in the prior year [13] - Subscription sales accounted for approximately 24% of all online Avenova revenue for the first half of 2024 [6] - The number of Avenova Subscribe & Save customers on Amazon increased by 123% since the beginning of 2022 [5] Market Data and Key Metrics Changes - The U.S. dry eye market is expected to exceed $4.8 billion by 2030, driven by factors such as increased screen time and an aging population [7] - A survey indicated that over 80% of optometrists find dry eye diagnosis and treatment important for revenue generation, with dry eye expected to account for 43% of their clinical focus in the coming year [7] Company Strategy and Development Direction - The company is focusing on expanding its Avenova product portfolio to address the multifaceted nature of dry eye [6] - A strategic capital raise was completed to pursue potential transformative transactions [16] - The company aims to maintain efficient growth in the eyecare market while optimizing sales and marketing expenses through digital programs [16] Management's Comments on Operating Environment and Future Outlook - Management expects some orders for wound care products later in the year, but not as large as in 2023 [17] - The company anticipates a stronger Q4 due to seasonal pushes in the physician-dispensed channel and back-to-school promotions [23] - Management emphasized the importance of the physician-dispensed channel for customer acquisition and brand building [25] Other Important Information - The company had cash and cash equivalents of $0.8 million as of June 30, 2024, and raised approximately $3.9 million in a public offering [14] - Nonrecurring strategic initiative costs related to the DERMAdoctor divestiture impacted G&A expenses [13] Q&A Session Summary Question: Any commentary on revenue from wound care products? - Management expects some orders later this year but not as significant as in 2023 [17] Question: Insights on marketing strategy efficiencies? - The company shifted focus to retaining Subscribe & Save customers, reducing customer acquisition costs [18][19] Question: Portion of revenue from Subscribe & Save program? - Approximately 24% of online revenue comes from the Subscribe & Save program, with most customers purchasing monthly [21][22] Question: Expectations for Q3 and Q4 revenue? - Management anticipates incremental increases in Q3 and a stronger Q4 due to seasonal promotions [23] Question: Discussion on physician-dispensed channels? - The physician-dispensed channel is crucial for brand building and customer acquisition, feeding new customers into online sales [25][26] Question: Changes in distribution costs or advertising on Amazon? - Advertising costs have remained consistent, with no significant increases noted [32]

Financial Performance - Net losses for the three months ended June 30, 2024, were $1.6 million, compared to $4.0 million for the same period in 2023; for the six months ended June 30, 2024, net losses were $5.2 million, down from $5.8 million in 2023[201]. - The company incurred a loss of $0.9 million from the divestiture of DERMAdoctor for the six months ended June 30, 2024, with no comparable activity in the prior year[225]. - Net loss from continuing operations was $1.6 million for the three months ended June 30, 2024, compared to a net loss of $1.7 million for the same period in 2023, representing an improvement of $0.1 million or 8%[210]. - The company expects its 2024 expenses to exceed revenues, continuing to incur operating losses and negative cash flows until revenues support ongoing growth[230]. Revenue and Sales - Product revenue decreased by $1.1 million, or 32%, to $2.4 million for the three months ended June 30, 2024, compared to $3.5 million for the same period in 2023[213]. - Total sales decreased by $1.1 million, or 32%, to $2.4 million for the three months ended June 30, 2024, from $3.5 million in the prior year[213]. - Product revenue for the six months ended June 30, 2024, decreased by $0.8 million, or 14%, to $5.0 million from $5.9 million in the same period in 2023[221]. Costs and Expenses - Cost of goods sold decreased by $1.0 million, or 55%, to $0.8 million for the three months ended June 30, 2024, from $1.8 million for the same period in 2023[214]. - Cost of goods sold for the six months ended June 30, 2024, decreased by $0.9 million, or 35%, to $1.6 million from $2.5 million in the prior year[222]. - Sales and marketing expenses decreased by $0.2 million, or 13%, to $1.0 million for the three months ended June 30, 2024, from $1.2 million in the prior year[215]. - General and administrative expenses remained consistent at $1.6 million for the three months ended June 30, 2024, compared to $1.6 million for the same period in 2023[216]. - General and administrative expenses increased by $0.6 million, or 19%, to $3.9 million for the six months ended June 30, 2024, primarily due to increased legal costs[224]. Assets and Liabilities - As of June 30, 2024, the company had an accumulated deficit of $180.0 million, total current assets of $2.3 million, and total assets of $3.9 million[201]. - Cash and cash equivalents decreased to $0.8 million as of June 30, 2024, down from $2.9 million as of December 31, 2023[229]. - The company had net operating loss carryforwards of $139.3 million for federal income tax purposes as of December 31, 2023[237]. Compliance and Regulatory - The company received notifications from NYSE American regarding non-compliance with stockholders' equity requirements, reporting only $160 thousand as of March 31, 2024[198]. - The company has until October 18, 2025, to regain compliance with NYSE American's listing standards, following acceptance of its compliance plan[199]. Strategic Initiatives - The company expects to grow commercial sales of Avenova branded products through expanded domestic market penetration and partnerships with other eyecare product providers[201]. - The company is evaluating plans to address liquidity needs, including raising additional capital and potential strategic transactions[231]. Product Information - Avenova® Antimicrobial Lid and Lash Solution is cleared by the FDA and is available through online channels and eyecare professionals for treating blepharitis and dry eye disease[190]. - The company manufactures and sells hypochlorous acid products for wound care under the NeutroPhase and PhaseOne brands, targeting surgical procedures and various injuries[191]. Cash Flow - Net cash used in operating activities from continuing operations was $2.2 million for the six months ended June 30, 2024, compared to $2.9 million for the same period in 2023[232][233]. - Net cash provided by investing activities was $1.1 million for the six months ended June 30, 2024, primarily from the DERMAdoctor Divestiture[234]. - Net cash used in financing activities was $1.1 million for the six months ended June 30, 2024, including repayment of $1.2 million for the Monthly Redemption on Secured Convertible Notes[236]. Issuance Costs - The company incurred total issuance costs of $130 thousand related to the 2024 Subsidiary Guarantee Termination, with $19 thousand allocated to Unsecured Convertible Notes[196]. Fair Value Changes - Non-cash gain on changes in fair value of warrant liabilities was $114 thousand for the six months ended June 30, 2024, compared to a gain of $216 thousand for the same period in 2023[226]. - Non-cash loss on changes in fair value of embedded derivative liability was $18 thousand for the six months ended June 30, 2024, compared to a gain of $40 thousand for the same period in 2023[227]. - Accretion of interest and amortization of discounts on convertible notes increased to $0.7 million for the six months ended June 30, 2024, from $0.5 million for the same period in 2023[228].