NioCorp Developments (NB) Q4 2026 earnings summary

Executive summary

• The company is advancing the Elk Creek Project in Nebraska to produce niobium, scandium, titanium, and rare earth products, with a 40-year mine life and eight commercial mineral products planned.

• The 2026 Elk Creek Study supports a pre-tax NPV (8%) of $4,111M and after-tax NPV (8%) of $3,441M, with an IRR of 22.8% and average annual EBITDA margin of 67%.

• Initial capital cost is $1,849M, with total capital (including sustaining and closure) at $4,019M; operating costs are $268.78/ton processed.

• The project is fully permitted for construction, with key federal and state permits in place, and has completed significant technical, environmental, and market studies.

Financial highlights

• No revenues from mining operations in FY2026; net loss attributable to the company increased to $48.6M from $17.4M in FY2025, mainly due to increased exploration, study costs, and non-cash expenses.

• Cash balance as of June 30, 2026, was $415M, up from $25.6M a year earlier, reflecting $467.2M in net proceeds from equity financings.

• Working capital at year-end was $402.3M; no long-term debt outstanding.

• Estimated upfront capital expenditure for Elk Creek Project is $1,849M, up $708M from the 2022 estimate due to expanded product scope and inflation.

Outlook and guidance

• The company expects to operate at a loss for the foreseeable future and will require significant additional capital to fund construction and commercial operation.

• Current planned cash outflows for the next 12 months are $65–75M, focused on project advancement, engineering, and financing activities.

• Management anticipates funding upfront capital through a mix of debt (targeting 65%) and equity (35%), with ongoing efforts to secure EXIM and other government-backed financing.