Key Takeaways USAR is advancing its Stillwater facility toward early 2026 commissioning, targeting U.S. NdFeB production.USA Rare Earth boosted liquidity above $400M and added feedstock security via the Less Common Metals buyout.NB is moving Elk Creek forward but faces funding needs & dilution risks as it seeks $1.1B to reach production.USA Rare Earth, Inc. (USAR) and NioCorp Developments Ltd. (NB) are both familiar names operating in the Zacks Mining - Miscellaneous industry. As rivals, both companies are ...

Core Insights - NioCorp Developments Ltd. is currently considered one of the best metal stocks to invest in, particularly following the approval of the Mine Portal Project, which is crucial for the Elk Creek Critical Minerals Project [1][2] Group 1: Project Developments - The board of NioCorp approved the Mine Portal Project, which will establish the main entrances to the Elk Creek underground mine, serving as access for personnel, equipment, and materials [1][2] - The capital cost for the Mine Portal Project is estimated to be approximately $44.6 million, with work expected to commence in the first quarter [2] Group 2: Strategic Acquisitions - NioCorp completed an $8.4 million acquisition of FEA Materials LLC, enhancing its capability to produce aluminum-scandium master alloy in the U.S. [3][4] - The acquisition positions NioCorp to establish the first fully integrated scandium supply chain in the U.S., covering mining, oxide production, and alloy manufacturing for both defense and commercial markets [4] Group 3: Market Position and Future Outlook - NioCorp is focused on the Elk Creek Project in Nebraska, which aims to mine essential materials such as Niobium, Scandium, and Titanium, along with potential Rare Earth Elements [5] - The CEO of NioCorp emphasized the importance of the Portal Project as a critical milestone and expressed gratitude for the support from local stakeholders [3]

Core Insights - The year 2025 marked significant advancements for NioCorp, particularly in financing, federal support, technical development, and pre-construction efforts, laying a strong foundation for the Elk Creek Critical Minerals Project [3][4][19] - The company aims to secure full project financing and advance towards formal construction approval in 2026, which is seen as a pivotal year for the project [4][19] Financing Progress - NioCorp raised over $370 million in 2025, including $360.8 million in equity capital and $10 million from the Pentagon, marking one of the most successful fundraising years in its history [7][9] - The Export-Import Bank of the United States (EXIM) advanced the Elk Creek Project to Independent Technical Review, indicating serious consideration for a potential binding debt agreement [5][6] Federal Support - The company received up to $10 million from the Department of War under the Defense Production Act to support various technical programs, including reserve-upgrade drilling and development of scandium alloy technology [11][12] - Federal support is viewed as a strategic move to strengthen U.S. defense and aerospace supply chains [11] Technical Development - NioCorp completed a Department of War-funded in-fill drilling program, analyzing over 7,000 drill core samples to enhance the geological model and support resource conversion [13][15] - An updated Feasibility Study is expected to incorporate rare earth elements alongside niobium, scandium, and titanium, aiding in project financing efforts [15] Pre-Construction Efforts - The company has acquired all necessary land parcels for construction and received Board approval for the mine portal project, which is a significant step towards reducing execution risk [16][20] - Community support was evident with nearly 600 attendees at Town Hall events, highlighting the project's importance to Nebraska's economy [17][18] 2026 Priorities - The primary focus for 2026 is to finalize and secure full project financing, advance the EXIM due diligence process, and complete remaining equity financing [19] - Additional goals include publishing an updated Feasibility Study and establishing a domestic U.S. scandium supply chain [19]

Core Viewpoint - NioCorp Developments Ltd. is positioned in the rare-earth elements market, receiving positive analyst upgrades that reflect strong investor confidence and government support for the industry [1][2][5] Group 1: Analyst Upgrades - H.C. Wainwright upgraded NioCorp's stock to a "Buy" rating with a new price target of $11.25, up from $9.50 [1][5] - Freedom Capital Markets initiated coverage with a "Buy" recommendation and a price target of $8.70, which is 31% above the recent closing price [2] Group 2: Stock Performance - NioCorp's stock closed over 2% higher, contrasting with a 0.3% decline in the S&P 500 index, indicating strong investor confidence [3] - The stock has experienced a 9.61% increase recently, translating to a $0.60 rise, with trading fluctuations between $6.30 and $6.97 [4] - Over the past year, NioCorp's stock reached a high of $12.58 and a low of $1.49, highlighting its volatility [4] Group 3: Market Context - The company's market capitalization is approximately $535.9 million, with a trading volume of 4.39 million shares, reflecting strong investor interest in rare-earth elements [4]

Core Insights - The article highlights the final assay results from NioCorp Developments Ltd.'s 2025 drilling campaign at the Elk Creek Critical Minerals Project, reinforcing geological confidence in the deposit [1] Group 1: Company Developments - NioCorp is a leading U.S. critical minerals developer focused on the Elk Creek Project located in southeast Nebraska [1] - The results from the drilling campaign support ongoing resource and reserve uplift efforts [1] Group 2: Geological Confidence - The assay results continue to reinforce the geological confidence in the Elk Creek Deposit [1]

Financial Performance - The net loss for the three months ended December 31, 2025, was $0.8 million, or $0.02 per share, compared to a net loss of $0.5 million, or $0.01 per share, for the same period in 2024[6] - For the six months ended December 31, 2025, the net loss was $43.4 million, or $0.44 per share, compared to a net loss of $2.5 million, or $0.06 per share, for the same period in 2024[6] - The adjusted net loss for the three months ended December 31, 2025, was $5.3 million, or $0.06 per share, compared to an adjusted net loss of $1.9 million, or $0.05 per share, for the prior-year period[6] - The adjusted net loss for the six months ended December 31, 2025, was $13.6 million, or $0.15 per share, compared to an adjusted net loss of $3.3 million, or $0.08 per share, for the prior-year period[6] - Operating cash outflows for the six-month period totaled $7.6 million, primarily due to expenditures associated with the Elk Creek drilling program and feasibility study updates[7] Cash Position - As of December 31, 2025, NioCorp had a record cash balance of $307 million, following significant derisking of the Elk Creek Critical Minerals Project[3] Project Developments - The U.S. Department of Defense awarded Elk Creek Resources Corp. up to $10 million to support activities related to the Elk Creek Critical Minerals Project[3] - NioCorp completed an infill drilling campaign and closed on the acquisition of scandium alloy manufacturing assets during the reporting period[3] - The company is developing a critical minerals project expected to produce niobium, scandium, and titanium, with potential for rare earth production[14] Risks and Uncertainties - NioCorp faces significant risks including trade policies, inflationary pressures, and climate change impacts that may affect its operations[18] - The company acknowledges the speculative nature of mineral exploration and development, which includes risks of diminishing reserves and resources[18] - NioCorp's management emphasizes the possibility of cost overruns and unanticipated expenses in development programs[18] - There are concerns regarding the management of the water balance at the Elk Creek Project site and land reclamation requirements[18] - The company has not secured insurance covering all of its operations, which poses additional risks[18] - NioCorp warns that actual results may materially differ from projections if risks or uncertainties materialize[19] - The company does not undertake any obligation to update forward-looking statements unless required by law[20] Reporting and Compliance - NioCorp plans to file its unaudited interim condensed consolidated financial statements for the three- and six-month periods ended December 31, 2025, by February 16, 2026[8]

Industry Overview - The global rare earth metals market was valued at approximately $5.73 billion in 2025 and is projected to reach $7.79 billion by 2030, driven by the green energy transition [2] - The U.S. rare earth market reached $82.7 million in 2024, growing at an annual rate of 9.5%, targeting $135 million by 2030 [3] - Geopolitical instability and concerns over China's dominance in rare earth refining have increased investor interest in domestic supply chains [4][5] Company Developments - MP Materials reported a 51% year-over-year increase in NdPr oxide production in Q3 2025 [3] - MP Materials is commissioning a heavy rare earth separation facility in mid-2026 and is involved in a DoD-backed mine-to-magnet plant in Texas [4][5] - American Resources Corporation (NASDAQ:AREC) announced a strategic partnership with Transition Equity Partners, securing a $200 million equity facility to support its multi-mineral refining platform [10] - NioCorp Developments Ltd. (NASDAQ:NB) received a Buy rating from Freedom Capital Markets with a price target of $8.70, following its shift from exploration to development [13][14] - Critical Metals Corp. (NASDAQ:CRML) commenced construction of a multi-use storage and pilot-plant facility in Greenland, aimed at supporting its Tanbreez project [16][17] Strategic Initiatives - The industry is shifting towards onshore refining and magnet manufacturing to enhance domestic supply chains [4][5] - American Resources Corporation is implementing blockchain-based tokenization for its refined minerals, providing real-time provenance for defense and government customers [11] - NioCorp is advancing the Elk Creek Critical Minerals Project, expected to become a significant source of strategic minerals in North America [15] - Critical Metals Corp.'s Tanbreez Rare Earth Project is considered one of the world's significant rare earth deposits, focusing on high-tech and clean energy applications [18]

Core Viewpoint - NioCorp Developments (NASDAQ: NB) has shown a positive price movement, closing over 2% higher, contrasting with the S&P 500's 0.3% decline, driven by a bullish analyst note recommending the stock as a buy with a price target of $8.70, representing a 31% upside potential from its recent closing price [1][2]. Group 1: Analyst Coverage and Recommendations - Freedom Capital Markets' Vitaly Kononov initiated coverage of NioCorp, recommending it as a buy with a price target of $8.70, indicating a strong upside potential of 31% from the current price [2]. - Kononov's analysis highlights the company's advantages, including U.S. government support for rare-earth mining and increasing demand from U.S. industrial companies for rare-earth elements [3][4]. Group 2: Market Position and Potential - NioCorp operates in a niche market with limited competition in the U.S. for rare-earth mining, suggesting significant inherent potential for the company [5]. - The company has secured advantageous offtake contracts, which further strengthens its market position and production capabilities [4].

Core Insights - The article reflects on the previous market interest in rare earth minerals and mining companies, particularly due to US government investments in the sector [1] Group 1: Analyst Background - The analyst has over a decade of experience in financial markets, primarily in a hedge fund in Rotterdam, focusing on rigorous research standards [1] - The preferred sectors for analysis include technology, specifically SaaS and cloud businesses, which are noted for their significant growth opportunities and active news flow [1] Group 2: Investment Philosophy - The analyst emphasizes a high standard for personal investments, indicating a careful selection process based on thorough research [1]

Core Viewpoint - The article discusses the shares of NioCorp Developments Ltd., listed on NASDAQ under the symbol "NB", indicating an improvement over previous assessments [1]. Company Overview - NioCorp Developments Ltd. is highlighted as a company with potential investment opportunities, appealing to various types of investors, including those focused on dividends, value propositions, or growth opportunities [1].