NioCorp Developments Ltd.
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The light is not red because the stock is expensive — measured against the cash pile it is strikingly cheap. It is red because several documented findings go to the substance of the company itself: no revenue in 39 years alongside persistently negative operating cash flow, while a quarterly bottom line shows a profit that came from fair value effects; an ineffectiveness of internal financial control disclosed since the fiscal 2023 annual report and still present at March 31, 2026, which has already forced the restatement of two fiscal years and five interim periods; and a corporate purpose whose fulfilment hangs on a credit decision outstanding since June 6, 2023. Anyone who invests anyway should check three things in every filing: what scandium price does the updated feasibility study adopt? Is there a binding EXIM commitment? And how many shares are outstanding now? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
NioCorp is the treasure map trap in pure form: the Nebraska deposit is real, the portal is being dug, and with $419.2 million in the bank the company has for the first time in 39 years the means to work seriously. But between the map and the mine sit a funding gap of roughly $722 million, an EXIM application pending without commitment since June 6, 2023, and a 2022 feasibility study stated in 2019 dollars that rests roughly 62 percent on a scandium price set three times higher than the most recent market price disclosed in a filing. On top, the company has reported material weaknesses in its internal financial controls since the fiscal 2023 annual report, and they still existed at March 31, 2026. Not investment advice.
Financial strength and balance sheet
At March 31, 2026 the company held $419.2 million in cash (June 30, 2025: $25.6 million), with working capital of $409.9 million and shareholders' equity of $435.4 million. There is no debt: of $34.6 million in liabilities, $25.0 million are pure fair value items. Against planned expenditures of $65 million to $75 million over twelve months, ongoing operations are funded for years.
Business model and earning power
In 39 years of corporate history there has never been a dollar of operating revenue; the accumulated deficit stands at $221.9 million (March 31, 2026). Operating cash outflow was $11.9 million over nine months, and the only meaningful income is $5.8 million of interest on the company's own cash. The reported quarterly profit of $0.3 million arose from fair value effects because the share price fell — not from the business.
Robustness of the project economics
The 2022 feasibility study is stated in first-quarter 2019 constant dollars and named 2025 as the production start — both overtaken. Roughly 62 percent of the $21.9 billion gross revenue it projects over 38 years comes from scandium oxide at an assumed $3,674 per kilogram; the USGS market price for 2024 cited in the same annual report is $1,200. An updated study is announced but not yet published.
Funding the build
A gap of roughly $722 million sits between the $419.2 million of cash and the estimated initial capital expenditure of $1,141.0 million. Two thirds is meant to come from debt, chiefly the EXIM application for up to $800 million filed June 6, 2023. Nearly three years on, the company states it cannot estimate the duration and that apart from possible option exercises it has no further funding commitments.
Dilution
Shares outstanding rose from 31.2 million (June 30, 2023) to 145.3 million (March 31, 2026); fiscal 2026 alone brought five placements at prices between $3.25 and $9.34. A further 28.9 million shares could emerge from 19.1 million warrants (the largest tranche converts into 1.12 shares each), 4.4 million options and 3.5 million exchangeable subsidiary shares — close to a fifth of the count, under articles authorizing unlimited capital.
Governance and controls
The chief executive and chief financial officer declare internal control over financial reporting ineffective. The material weaknesses were first disclosed in the fiscal 2023 annual report and still existed at March 31, 2026; they caused the restatement of the fiscal 2021 and 2022 accounts plus five interim periods. The February 14, 2025 cyber incident with misdirected vendor payments comes on top.
Worth Noting
NioCorp reached our research list through the Reddit mention component of our in-house stock scanner (as of September 9, 2026) — an attention signal, not a quality signal. Classic ratios such as price-to-earnings or price-to-sales cannot be computed for a company without revenue or earnings, so the assessment rests on the cash position, the robustness of the project economics and dilution.
As-of dates: balance sheet, income and cash flow figures come from the 10-Q for March 31, 2026 (filed May 14, 2026); project, employee and commodity price data come from the 10-K for fiscal 2025 (filed September 11, 2025). All filings from May 14, 2026 onward were reviewed; the most recent company filing (8-K of July 8, 2026 on the incentive program) does not change the picture, and the most recent EDGAR submission of any kind is a third-party ownership report (Schedule 13G of July 29, 2026). The annual report for fiscal 2026, ended June 30, 2026, had not been filed as of September 9, 2026.
The revenue split of the feasibility study (roughly 62 percent scandium) is not a company disclosure but our own calculation from its table: payable tonnages times assumed prices, summing to the $21.9 billion gross revenue reported there. Not to be confused: NB is NioCorp Developments, not NIOBW, the company's separately listed warrant.
Stock Watch
This analysis is as of September 9, 2026. Stock Watch will tell you what's changed at NB since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.50 $ to 11.70 $ · Last price: 3.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Other Industrial Metals & Mining
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| NioCorp Developments Ltd. NB | 0.5 | – | -3.3 | – | 0.0 | – | -33.2 |
| MP Materials Corp MP | 9.0 | – | 133.4 | 42.3 | -7.9 | 35.1 | -26.1 |
| Materion Corporation MTRN | 5.5 | 67.0 | 27.4 | 16.0 | 5.7 | 6.1 | 114.2 |
| Skeena Resources Limited SKE | 4.1 | – | -3.7 | – | 0.0 | – | 70.7 |
| USA Rare Earth, Inc. USAR | 4.0 | – | 28.0 | -9.7 | -643.7 | -99.9 | 0.7 |
| Almonty Industries Inc. ALM | 4.0 | – | 57.2 | 49.8 | 8.8 | 12.8 | 176.6 |
| Evolution Metals & Technologies Corp. EMAT | 2.5 | – | 0.0 | 9.4 | -332.9 | – | – |
| Sunshine Silver Mining & Refining Company SSMR | 2.4 | – | 0.0 | -7,081.9 | -9,263.4 | 421.8 | – |
| TMC the metals company Inc TMC | 2.1 | – | -2.1 | – | 0.0 | – | -36.0 |
| Median of companies shown | 4.0 | – | 0.0 | 12.7 | 0.0 | 12.8 | 0.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | – | -9 | -11 | -0.70 | -11 | 6 | 15 |
| 2017 | – | -14 | -15 | -0.78 | -11 | 3 | 11 |
| 2018 | – | -6 | -9 | -0.41 | -6 | 3 | 11 |
| 2019 | 0 | -6 | -7 | -0.33 | -4 | 5 | 11 |
| 2020 | 0 | -3 | -4 | -0.17 | -3 | 3 | 11 |
| 2021 | 0 | -4 | -5 | -0.20 | -5 | 13 | 24 |
| 2022 | 0 | -8 | -11 | -0.41 | -6 | 18 | 23 |
| 2023 | 0 | -37 | -40 | -1.40 | -17 | -11 | 21 |
| 2024 | 0 | -14 | -11 | -0.33 | -12 | 1 | 20 |
| 2025 | 0 | -12 | -16 | -0.36 | -11 | 28 | 44 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -0.02 | 78.40 | 0 | – | – | -6 | -6 |
| 2024: Q3 | -0.05 | 46.90 | 0 | – | – | -1 | -1 |
| 2024: Q4 | -0.01 | 88.80 | 0 | – | – | -1 | -1 |
| 2025: Q1 | -0.11 | -9.50 | 0 | – | – | -4 | -4 |
| 2025: Q2 | -0.19 | -783.70 | 0 | – | – | -5 | -5 |
| 2025: Q3 | -0.53 | -979.40 | 0 | – | – | -7 | -21 |
| 2025: Q4 | 0.00 | 58.00 | 0 | – | – | -1 | -14 |
| 2026: Q1 | -0.02 | 81.80 | 0 | – | – | -4 | -32 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | -0.23 | -0.39 – -0.06 | 0 | 46.7% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
NioCorp entwickelt mit Elk Creek ein einziges Bergbauprojekt (Niob, Scandium, Titan) ohne operative Umsätze; in sechs ausgewerteten Filings kommt kein Geschäfts-, Produkt- oder Effizienzbezug zu künstlicher Intelligenz vor — der einzige Treffer für „artificial intelligence“ steht in der Lebenslauf-Beschreibung eines Aufsichtsratsmitglieds zu einem fremden Unternehmen und betrifft NioCorp selbst nicht.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-14 · 10-Q 2026-02-06 · 10-Q 2025-11-13 · 10-K 2025-09-11 · 10-K 2024-09-23 · 8-K 2025-12-04
Rated on September 9, 2026 · How the Rating Is Built
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -57.6%
- ROCE > 15% -28.5%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
NioCorp Developments Ltd. engages in the exploration and development of mineral deposits in North America. Its principal mineral property is the Elk Creek niobium, scandium, and titanium project that consists of 227 acres parcel of land and associated mineral rights, and an additional 80 acres of surface rights and 40 acres of mineral rights, as well as an optioned land package that covers an area of 1,272 acres located in Johnson County, southeast Nebraska. The company is also involved in the research and development of aluminum-scandium alloys and other business. The company was formerly known as Quantum Rare Earth Developments Corp. and changed its name to NioCorp Developments Ltd. in March 2013. NioCorp Developments Ltd. was incorporated in 1987 and is headquartered in Centennial, Colorado.
- Employees
- 7
- Headquarters
- Centennial, CO
- Address
- 7000 South Yosemite Street, 80112 Centennial, United States
- Phone
- 720 334 7066
- Website
- niocorp.com
- IPO Date
- 03/21/2023
- ISIN
- CA6544846091
- Stock Split
- 1:10 on 03/21/2023
Management
| Name | Title | Birth Year |
|---|---|---|
| Mark Allan Smith Esq., J.D., P.E. | Executive Chairman, President & CEO | 1959 |
| Neal S. Shah MBA | CFO & Corporate Secretary | 1974 |
| Scott Honan M.Sc. | Chief Operating Officer | 1971 |
| Jim T. Sims | Chief Communications Officer | 1961 |
| Ernest M. Cleave C.A., CPA, M.B.A. | Senior Vice President of Business Development | 1969 |
| Jeff Mason | Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/08/2026 NIOCORP DEVELOPMENTS LTD (NB): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.