Insights › Rare-earth magnet supply chain atlas › NioCorp Developments Ltd.
United States
NioCorp Developments Ltd.
A Nasdaq-listed developer of the Elk Creek niobium, scandium and titanium project in Nebraska, whose August 2026 feasibility study adds separated NdPr, dysprosium and terbium oxides as by-products.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- All EXIM, UK Export Finance and German UFK financing is non-binding: EXIM has issued a Letter of Interest, a Preliminary Project Letter and a non-binding indicative term sheet, and still requires TRC-2, TRC-3 and Board approval.
- The company said in June 2023 that EXIM's process from application to final commitment would take about six to nine months; no final commitment had been announced as of September 2026.
- There is no final investment decision; only a $44.6M mine portal project is under construction, and full construction is contingent on securing project financing for $1.85B of upfront capex.
- All rare earth offtake (Stellantis 2023 term sheet; Traxys April 2026 term sheet covering 100% of planned REE output for 10 years) is non-binding, and rare earths first entered the reserve and economics in the August 2026 study, at about 25% of LoM gross revenue.
- The FY2025 10-K (September 2025) disclosed substantial doubt about the company's ability to continue as a going concern; the FY2026 10-K (September 25, 2026), after about $466M of equity was raised in fiscal 2026, states that management believes it has sufficient resources for the next year, and that the Elk Creek Project needs additional capital.
At a glance
- Founded
- 1987 — Incorporated in British Columbia on Feb 27, 1987 as IPC International Prospector Corp.; later names included Quantum Rare Earth Developments Corp. (2010), which closed the acquisition of the Elk Creek carbonatite property in Dec 2010. Renamed NioCorp Developments Ltd. in 2013 (name change completed Mar 3, 2013).
- Headquarters
- Centennial, Colorado, United States
- Ownership
- Listed on Nasdaq (common shares: NB; warrants: NIOBW). Voluntarily delisted from the Toronto Stock Exchange effective close of markets May 3, 2024; no current TSX listing. Came to Nasdaq via a business combination with SPAC GX Acquisition Corp. II (announced Sep 26, 2022; closed Mar 17, 2023, with a 1-for-10 share consolidation). Major holders not researched. 145,587,048 common shares outstanding as of May 14, 2026 (10-Q cover); 145.8 million as of Sep 25, 2026 per a secondary summary of the FY2026 10-K.
- Stage
- Early stage. No rare earth output and no final investment decision; full construction awaits project financing, with only a $44.6M mine portal early-works project under way since Feb 2026. Rare earths first entered the project economics in the Aug 2026 feasibility study.
- Listing
- Nasdaq: NB · Nasdaq: NIOBW
- Revenue
- US$0
Reported, fiscal year ended June 30, 2026 (also $0 in FY2025); net loss $48.6M.
Source
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Planned separated NdPr oxide output (out), 2026 FS LoM average | 672 t/yr NdPr oxide (product out) | Announced | Aug 2026 |
| Planned Dy and Tb oxide output (out), 2026 FS LoM average | Dy oxide 67 t/yr; Tb oxide 17 t/yr (product out) | Announced | Aug 2026 |
| Planned mixed rare earth carbonates (out), 2026 FS LoM average | SEG carbonate 354 t/yr; heavy rare earth carbonate 262 t/yr (product out) | Announced | Aug 2026 |
| Ore throughput (in) | Not stated in the release or webcast read. Reserve 45.9 M tons over a 40-year life implies roughly 1.15 M tons/yr on average (simple division, published by StockTitan, not the company). | Announced | Aug 2026 |
Narrative
Elk Creek is a planned underground mine and processing plant in southeast Nebraska, owned by NioCorp since 2010. Its feasibility study of August 2026 is the first to include rare earths: on average 672 t/yr of separated NdPr oxide, 67 t/yr of dysprosium oxide and 17 t/yr of terbium oxide, plus mixed samarium-europium-gadolinium and heavy rare earth carbonates, together about a quarter of projected life-of-mine revenue, alongside ferroniobium, scandium oxide and titanium tetrachloride. The study puts capital cost at $1.849 billion and development at 35 months from financing, without a calendar year for first production. Financing remains undrawn: the Export-Import Bank of the United States has progressed the project through a letter of interest, a preliminary project letter and an independent technical review, none binding, and a Department of Defense award of up to $10 million is aimed at scandium. Rare earth offtake is covered by non-binding term sheets with Stellantis and Traxys. NioCorp listed on Nasdaq through a SPAC merger in 2023, raised about $466 million of equity in fiscal 2026, and began building a mine portal in February 2026 without a final investment decision.
Where public sources disagree
- EXIM amount: the Q3 FY2026 10-Q (May 14, 2026) and the May 6, 2024 release describe EXIM financing of up to $800M under the April 2024 Preliminary Project Letter; the September 2026 company presentation shows EXIM debt of $1.2B (65% of $1.85B capex; 0.65 x $1,849M = $1,202M), footnoted as an indicative amount being reevaluated by EXIM. The difference is $400M.
- Construction/production timing: a Mining Technology project profile (Apr 8, 2021) stated commercial production expected January 2023; a KOLN/1011 Now report (May 1, 2026) states production 'set to begin sometime in late 2029' if all goes to plan. Neither is a company filing; the company's 2026 FS states only a 35-month development period from financing.
Latest reports
| Period | Published | Report |
|---|---|---|
| FY ended 2026-06-30 | 2026-09-25 | Form 10-K for fiscal year ended June 30, 2026 (secondary summary; primary SEC/company PDF link not yet located) (republished copy) |
| Quarter ended 2026-03-31 (Q3 FY2026) | 2026-05-14 | Form 10-Q, quarter ended March 31, 2026 |
| Quarter ended 2025-12-31 (Q2 FY2026) | 2026-02 | Form 10-Q, quarter ended December 31, 2025 |
| Quarter ended 2025-09-30 (Q1 FY2026) | 2025-11 | Form 10-Q, quarter ended September 30, 2025 |
Across these reports
About US$466M of equity was raised in fiscal 2026 and shares outstanding nearly doubled. The August 2026 feasibility study added rare earths and raised capex from US$1,141M (2022) to US$1,849M; EXIM financing is still non-binding.
| Measure | What the reports show |
|---|---|
| cash | FY2025 10-K (Sep 2025) disclosed substantial doubt about going concern. Cash $307M at Dec 31, 2025 (company year-in-review); $419.2M cash and $409.9M working capital at Mar 31, 2026 (10-Q), with management stating sufficient resources for one year; '$415 million in liquidity' at Jun 30, 2026 (Panabee summary of FY2026 10-K, secondary). |
| share count | 77,757,089 shares at Sep 11, 2025 (FY2025 10-K cover) to 145,587,048 at May 14, 2026 (10-Q cover), after ~$466M gross equity raised in fiscal 2026. |
| study | 2026 FS adds rare earths and expands to 8 products from 3; capex $1,141M (2022 FS) to $1,849M (2026 FS); pre-tax NPV8 $2,819M to $4,111M; life 38 to 40 years. |
| resource | First Mineral Reserve including rare earths: 45.9 M tons @ 3,446 ppm TREO (effective Apr 2, 2026). |
| capacity | First published REE production targets (2026 FS): NdPr oxide 672 t/yr, Dy oxide 67 t/yr, Tb oxide 17 t/yr, plus 616 t/yr of SEG and HRE carbonates. |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| Start of Elk Creek construction | 2016 (shareholder letter from CEO Mark Smith naming 'beginning construction activities at Elk Creek' as a 2016 objective; letter undated, c. early 2016) | Mine portal early works began Feb 26, 2026 ($44.6M, ~9 months); formal construction launch of the full project after full project financing is secured (no date) | moved later |
| EXIM final financing commitment | ~6-9 months after the Jun 6, 2023 Phase I application (i.e. roughly Dec 2023-Mar 2024), per the Jun 2023 release | Still pending as of the May 2026 10-Q and Sep 2026 presentation; indicative amount being reevaluated | moved later |
| Commercial production | January 2023 (Mining Technology project profile, Apr 8, 2021; secondary) | 'late 2029' if all goes to plan (KOLN/1011 Now, May 1, 2026; secondary); company states only a 35-month development period from financing (2026 FS) | moved later |
| Inclusion of rare earths in a feasibility study / reserve | 2022 FS excluded REE; company said it would prepare an updated technical report after the demonstration plant (May 2022) | Included in the 2026 FS (Aug 10, 2026) | met |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- NioCorp Project to Expand Production to 8 Made-in-USA Critical Minerals Over a 40-Year Mine Life with an Estimated $4.1 Billion Pre-Tax NPV8% — NioCorp (2026-08-10)
- 2026 Feasibility Study Results (webcast slides) — NioCorp (2026-08-11)
- Strengthening American Supply Chains for U.S. Critical Minerals (corporate presentation) — NioCorp (2026-09)
- NioCorp's Nebraska Project Expected to Cut Reliance on 8 Imports (FS release summary) — StockTitan (2026-08-10)
- Form 10-Q, quarter ended March 31, 2026 — NioCorp / SEC (2026-05-14)
- Form 10-K, fiscal year ended June 30, 2025 — NioCorp / SEC (2025-09-11)
- Form 10-K, fiscal year ended June 30, 2023 — NioCorp / SEC (2023-09)
- NioCorp Developments Ltd FY 2026: Revenue $0 Net loss $(48.6)M, EPS $(0.41) - 10-K Summary — TradingView (2026-09-25)
- NioCorp Developments Earnings 2026 Annual — Panabee (2026-09)
- Quarterly and Annual Reports — NioCorp (2026-09)
- NioCorp Issues 2025 Year in Review Report — NioCorp (2026-01)
- Export-Import Bank of the United States Issues Letter of Interest to NioCorp for Potential Debt Financing of up to $800 Million — NioCorp (2023-03-06)
- NioCorp Applies for Debt Financing From the US Export-Import Bank — NioCorp (2023-06-06)
- NioCorp Receives Preliminary Indicative Term Sheet from U.S. Export-Import Bank on Potential $800 Million Debt Financing — NioCorp (2024-05-06)
- NioCorp Engages J.P. Morgan to Assist with EXIM Financing of Elk Creek Critical Minerals Project — NioCorp (2024-05-23)
- EXIM Advances NioCorp Elk Creek Critical Minerals Project to Independent Technical Review — NioCorp (2025-02-04)
- British Export Credit Agency Issues Expression of Interest to NioCorp for Potential Debt Guarantee of up to $200 Million — NioCorp (2025-05-16)
- U.S. Department of Defense Awards up to $10 Million to NioCorp's Subsidiary Elk Creek Resources Corp. — NioCorp (2025-08-05)
- Stellantis and NioCorp Sign Rare Earth Offtake Term Sheet — NioCorp (2023-07-06)
- NioCorp Reaches Non-Binding Agreement with Traxys North America for Potential Purchase of All of NioCorp's Remaining Planned Products — NioCorp (2026-04-09)
- NioCorp, Traxys term sheet targets 10-year offtake — StockTitan (2026-04-09)
- NioCorp Launches Construction of Elk Creek Critical Minerals Project Mine Portal — NioCorp (2026-02-26)
- Elk Creek Project — NioCorp (2026-09)
- NioCorp Announces Results of Positive Feasibility Study for its Elk Creek Superalloy Materials Project — NioCorp (2017-06-30)
- NioCorp Files NI 43-101 Technical Report on its 2022 Elk Creek Critical Minerals Project Feasibility Study — NioCorp via PR Newswire (2022-06-29)
- NioCorp's Elk Creek Project Confirmed as the Second Largest Indicated-Or-Better Rare Earth Resource in the U.S. — NioCorp (2022-05)
- NioCorp Rare Earth Demonstration Plant Showing Positive Rare Earth Recovery Results — NioCorp (2023-01-04)
- Joint press release: NioCorp and GX Acquisition Corp. II business combination (EX-99.1) — SEC (2022-09-26)
- NioCorp Closes Business Combination with GXII and Separate Financing Deals — NioCorp (2023-03-17)
- NioCorp to Voluntarily Delist from the Toronto Stock Exchange as of Close of Markets on May 3, 2024 — NioCorp via Nasdaq (2024-05-01)
- NioCorp completes name change - formerly Quantum Rare Earth Developments Corp — NioCorp (2013-03-03)
- Letter to NioCorp Shareholders from CEO & Executive Chairman Mark Smith — NioCorp (2016)
- Elk Creek Niobium Project, Nebraska, US — Mining Technology (2021-04-08)
- After decades of planning, Nebraska's Elk Creek Mine moves toward production — KOLN / 1011 Now (2026-05-01)
- Form 10-K, fiscal year ended June 30, 2026 — NioCorp Developments via SEC (2026-09-25)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
Get in touch← Back to NioCorp Developments Ltd. in the atlas · the full supply chain atlas