Short answer
NIOCORP DEVELOPMENTS LTD (NB) filed its fiscal 2026 10-K annual report with the SEC on Sep 25, 2026. It reported revenue of $9M (+9629.8% year over year) and net income of −$49M.
- Top risk flagged: Regulatory risk: U.S. EXIM Financing approval uncertain; total amount and timeline unknown, impacting Elk Creek Project funding (~$1.85B capital expenditure)
FY2026 key financial metrics · XBRL
- Revenue
- $9M
- +9629.8% YoY
- Net income
- −$49M
- −170.0% YoY
- EPS (diluted)
- −$0.41
- −13.9% YoY
- ROE
- -11.3%
- +52.2 pp YoY
- Operating cash flow
- −$16M
- −49.1% YoY
Source: XBRL data from the NIOCORP DEVELOPMENTS LTD (NB) FY2026 10-K on SEC EDGAR. USD.
NIOCORP DEVELOPMENTS LTD FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Development of Elk Creek Project to produce critical minerals including niobium, scandium, titanium, and rare earths
- New emphasis: Acquisition of Al-Sc master alloy tech and assets from FEA Materials LLC for $8.4M cash to enable US-based scandium alloy production
- Strategic shift: Construction commencement of $44.6M Portal Project access facility, plus expanded land holdings to support integrated mining and processing
- Quantitative highlight: $467.2M net proceeds raised via equity financing in fiscal 2026; Elk Creek Project capital cost estimate rose to $1,849M (14% contingency)
- Noteworthy fact: Receipt of $8.1M reimbursement to date under $10M U.S. Dept. of War agreement supporting engineering and drilling milestones
Management Discussion & Analysis
- No mining revenues; net loss attributable to company $48.6M FY26 vs $17.4M FY25; operating expenses $38.3M FY26 vs $12.0M FY25
- Operating expenses split: exploration $16.1M FY26 vs $4.1M FY25, G&A $22.2M FY26 vs $7.8M FY25; net loss per share $0.41 FY26 vs $0.36 FY25
- Best performing segment: none with revenue; all exploration and development; exploration costs rose due to drilling and study; no segment revenue
- Cash $415.0M and working capital $402.3M FY26 vs $25.6M and $24.8M FY25; financing cash inflows $437.1M FY26 vs $34.2M FY25 via equity offerings and warrant exercises; operating cash used $15.9M FY26 vs $10.7M FY25; investment in mine portal and land $29.7M FY26
- Management anticipates near-term operation loss; plans $65-75M cash outflows next 12 months; long-term capital need $1.85B Elk Creek Project costs; seeking financing from debt (~65%) and equity (~35%), including EXIM loan application progressing without commitment
Risk Factors
- Regulatory risk: U.S. EXIM Financing approval uncertain; total amount and timeline unknown, impacting Elk Creek Project funding (~$1.85B capital expenditure)
- Macroeconomic threat: Inflation and supply chain disruption increased Elk Creek upfront costs by $708M (14% contingency), affecting project profitability
- Operational vulnerability: Elk Creek Project water treatment permits by Nebraska uncertain; failure risks impacting production and economics
- Competitive risk: 85% niobium market share held by Companhia Brasileira de Metalurgia e Mineração; price suppression risk from dominant supplier
- Financial risk: Estimated $1.2B debt financing required (65% of Elk Creek capital); significant cash needed to service debt and comply with covenants
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