NioCorp Raises Elk Creek Capital Estimate to $1.85 Billion
The 2026 Elk Creek Study put upfront capital at about $1.85 billion, up $708 million from the 2022 study, as the company finished the study and began portal excavation.
NioCorp Developments Ltd. (NB) completed the 2026 Elk Creek Study and put estimated total upfront capital expenditure for the Elk Creek Project at approximately $1,849 million, including a 14% contingency, an increase of about $708 million from the approximately $1,141.0 million in the 2022 S-K 1300 Technical Report Summary.
The higher figure reflects, among other things, a substantially redesigned processing plant and mining operation intended to produce eight critical mineral products, up from a previous plan to produce three, as well as significant inflationary impacts since the prior feasibility study. The total financing required is greater than that upfront estimate because the company must also fund financing fees, interest during development, start-up working capital, reclamation and other financial assurance, corporate overhead through commercial production, and any cost escalation beyond the contingency.
The development-stage critical-minerals company had no revenues from mining operations in the fiscal year ended June 30, 2026. Operating expenses were $38.31 million, up from $11.96 million a year earlier. Net loss attributable to the company was $48.56 million, or $0.41 a share, compared with $17.41 million, or $0.36 a share, in fiscal 2025.
The wider loss was primarily due to spending on the 2026 Elk Creek Study, non-cash expenses related to share-based compensation and the valuation of Earnout Shares and warrant liabilities, and increased compensation, partially offset by interest income. Exploration expenditures were $16.08 million, versus $4.14 million, primarily due to field-based costs of the 2025 Drilling Program, substantially completed by September 30, 2025, and to work preparing the 2026 Elk Creek Study. General and administrative expenditures were $22.23 million, versus $7.82 million, reflecting higher corporate compliance, governance, financing, and Elk Creek advancement costs, including share-based and employee compensation, legal fees, and scandium product initiatives.
Change in fair value of the earnout shares liability was $8.57 million and change in fair value of warrant liabilities was $13.03 million, both primarily reflecting the increase in the common share price used in the related valuations. Interest income was $9.15 million, versus $0.09 million, due to a higher cash balance from fiscal 2026 financing.
During fiscal 2026 and through the annual report date, the company completed the 2025 Drilling Program, commenced excavation of the Elk Creek mine portal in February 2026, and completed the 2026 Elk Creek Study. Remaining estimated capital cost for the mine portal is approximately $38.7 million. The board approved the portal in December 2025.
Cash was $415.0 million and working capital was $402.3 million as of June 30, 2026, compared with $25.6 million and $24.8 million a year earlier. The increase reflects net proceeds of approximately $375.1 million from five equity offerings completed between July 2025 and February 2026, about $23.3 million from warrant and option exercises, and about $38.7 million from advances under the Yorkville standby equity facility. It had no outstanding long-term debt.
Management currently anticipates funding the upfront capital with about 65% debt, including potential EXIM financing, and about 35% equity. Because cash on hand is less than 35% of the $1,849 million estimate, the company may be required to raise additional equity. The company has not obtained a commitment for any portion of the debt financing.
The EXIM application remains at the next stage of the Transaction Review Committee process after EXIM advanced it on February 4, 2025 and selected an independent technical reviewer. The 2026 Elk Creek Study satisfies a key preliminary-proposal-letter due-diligence requirement, and the company expects to advance to detailed engineering, procurement and construction contracting. Under a Department of War project sub-agreement, about $8.1 million of up to $10.0 million in milestone reimbursements had been received as of June 30, 2026, with about $1.9 million remaining. The Yorkville equity facility expired on April 1, 2026, with no replacement in place as of the annual report date.
Planned cash outflows for the next twelve months are approximately $65 million to $75 million, including about $19 million of corporate overhead. The company does not intend to commence full Elk Creek construction until sufficient project financing is in place to cover initial capital costs and related expenses.