NioCorp Turned a Preliminary Profit on Noncash Liability Gains

The Tip Desk · October 16, 2026 · 3 min read

NioCorp reported preliminary quarterly net income of $3.7 million, primarily reflecting noncash gains, while development work continued to consume cash.

Critical minerals developer NioCorp Developments Ltd. (NB) swung to a preliminary, unaudited profit in the three months ended September 30, 2026, reversing its loss in the corresponding 2025 quarter. The turn primarily reflected noncash gains on earnout shares and warrants classified as liabilities, while the company continued to spend cash on study work and construction at its Elk Creek project.

The latest attributable earnings amounted to $0.03 a basic share. NioCorp had reported a $42.7 million loss in the September 2025 quarter, followed by a much smaller $0.8 million loss in the three months ended December 31, 2025. The September 2026 result put reported earnings on the positive side of that progression, although NioCorp remained a development-stage company.

The company said approximately $8.5 million of noncash gains in the latest quarter arose from a decline in its closing common share price between June 30 and September 30, 2026. In the corresponding 2025 quarter, rising share prices had produced approximately $32.1 million of noncash losses on the same instruments. Those liability marks explained much of the earnings reversal; the gain did not represent cash generated by the project.

Such gains had also featured in the December 2025 quarter, when NioCorp recorded approximately $5.9 million from the instruments but still reported a net loss. The company attributed those gains to a slight decline in its closing share price during that quarter. Together, the results illustrated the influence of share price movements on reported earnings during development.

The latest preliminary cash flow figures showed where development spending continued. Operating cash outflows totaled $6.1 million for the September 2026 quarter. NioCorp said those outflows primarily represented recurring general and administrative costs and costs related to finalizing and issuing the technical and economic study for Elk Creek. That spending description did not establish that publication of the study had been completed.

Investing outflows were a separate $5.9 million for the same three months, primarily additional expenditure associated with ongoing construction of the mine portal. The activity placed physical construction alongside the technical and economic work in the quarter's spending. NioCorp described the construction as ongoing and continued to identify itself as a development-stage company.

The work followed earlier preparations at Elk Creek. During the six months ended December 31, 2025, NioCorp completed an infill drilling campaign and land purchases needed to secure ownership of all land required for the project. In that same six-month period, it also acquired FEA Materials' scandium alloy manufacturing assets and entered into agreements with the U.S. Department of Defense and Lockheed Martin concerning scandium technologies for potential defense applications.

NioCorp said it expects Elk Creek to produce niobium, scandium, titanium and several rare earth products. The company described niobium's uses in specialty alloys and high-strength steel, scandium's applications in aluminum alloys and solid oxide fuel cells, and titanium's uses in alloys and pigments. It also identified magnetic rare earths as materials used in magnets for defense and civilian applications.

The company reported a preliminary consolidated cash balance of $405.1 million as of September 30, 2026. That balance accompanied continuing development outlays, rather than a claim that construction financing was complete. NioCorp identified significant additional capital requirements and the availability of sufficient project financing among its risks.

All current financial figures remained unaudited and subject to change and adjustment. NioCorp intends to submit its interim financial statements on or before November 16, 2026. Beyond that reporting deadline, the company identified obtaining a final financing commitment from EXIM or other debt support on acceptable terms and timelines as an uncertainty for the project's funding.