PresentationCarlos de AlbaMorgan Stanley, Research Division This last session of the Mining Symposium on Critical Minerals and rare earths. It is a pleasure to host NioCorp. Mark Smith is Executive Chairman, President and CEO. And we also have Jim Sims in the forum. We're going to keep it hopefully very conversational. You can also meet questions via the Zoom app. We will read it once we get it for Mark or Jim to answer. But before we begin, please let me mention some disclaimers. Please note that this webc ...

Core Viewpoint - NioCorp Developments Ltd. has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which are a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is primarily driven by changes in a company's earnings picture, with the Zacks Consensus Estimate reflecting EPS estimates from sell-side analysts [2][3]. - The recent upgrade for NioCorp signifies an improvement in its earnings outlook, which is expected to positively impact its stock price [4][6]. Impact of Earnings Estimate Revisions - There is a strong correlation between earnings estimate revisions and near-term stock movements, making it beneficial for investors to track these revisions [7]. - The Zacks Rank system effectively utilizes earnings estimate revisions to classify stocks, with a historical average annual return of +25% for Zacks Rank 1 stocks since 1988 [8]. Specific Earnings Data for NioCorp - For the fiscal year ending June 2026, NioCorp is expected to earn -$0.28 per share, which remains unchanged from the previous year. However, the Zacks Consensus Estimate has increased by 24.3% over the past three months [9]. Zacks Rating System Overview - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings across over 4,000 stocks, with only the top 20% receiving a "Strong Buy" or "Buy" rating [10][11]. - NioCorp's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [11].

Financial Proceeds and Offerings - The Company received net proceeds of approximately $41.2 million from the July 2025 Offering, selling 13,850,000 Common Shares at $3.25 each[74]. - The Company received net proceeds of approximately $46.0 million from the September 2025 Registered Direct Offering, selling 10,000,000 Common Shares at $5.00 each[77]. - The Company received net proceeds of approximately $55.3 million from the September 2025 Public Offering, selling 7,004,740 Common Shares at $6.15 each and 2,755,260 pre-funded Warrants[78]. - The Company raised approximately $139.1 million from the October 2025 Offering, which included the sale of 10,152,175 Common Shares at $9.34 each and 5,925,000 pre-funded Warrants[79]. - The Company plans to use net proceeds from recent offerings, totaling approximately $194.4 million, for working capital and to advance the Elk Creek Project towards commercial operation[80][98]. Elk Creek Project Development - The Elk Creek Project is focused on producing niobium, scandium, and titanium, with potential for rare earth elements, which are critical for electrification and decarbonization initiatives[72]. - The Company is advancing the Elk Creek Project to commercial production and is focused on securing the necessary project financing[73]. - The Elk Creek Project's niobium has applications in solid-state lithium-ion batteries, which may enhance battery safety and reduce charging times[72]. - The Company is conducting technical and economic studies to assess the viability of extracting rare earth elements from the Elk Creek Project[72]. - The Company plans to update the feasibility study for the Elk Creek Project based on the results of the 2025 Drilling Program[66]. - The Elk Creek Project's 2025 Drilling Program included 11 HQ diamond drill holes totaling approximately 7,339 meters and four additional drill holes totaling approximately 2,235 meters, aimed at converting Indicated Mineral Resources into Measured Mineral Resources[82][83]. - The Company completed the acquisition of two parcels of land for approximately $11.3 million, providing full ownership of all land necessary for the Elk Creek Project[83]. - The Company is assessing the potential to produce rare earth products and negotiate offtake agreements for niobium, scandium, and titanium from the Elk Creek Project[86]. Financial Performance and Losses - The Company incurred total operating expenses of $12.0 million for the three months ended September 30, 2025, compared to $1.4 million for the same period in 2024, reflecting a significant increase in exploration expenditures[88]. - The net loss attributable to the Company for the three months ended September 30, 2025, was $42.7 million, compared to a net loss of $2.1 million for the same period in 2024[88]. - The adjusted net loss for the three months ended September 30, 2025, was $8.3 million, compared to an adjusted net loss of $1.4 million for the same period in 2024[121]. - During the three months ended September 30, 2025, the Company's operating activities consumed $6.7 million of cash, reflecting losses of $43.5 million primarily due to increased fair value related to share-based compensation and other liabilities[110]. - Investing activities consumed $14.1 million of cash during the same period, reflecting the acquisition of additional land and mineral rights for the Elk Creek Project[112]. Cash Flow and Financial Position - As of September 30, 2025, the Company had cash of $162.8 million and working capital of $159.6 million, a substantial increase from $25.6 million and $24.8 million, respectively, as of June 30, 2025[99]. - The Company expects planned cash outflows of approximately $40.0 million to $50.0 million over the next twelve months for advancing the Elk Creek Project and corporate overhead costs[100]. - Financing inflows were $158.0 million during the three months ended September 30, 2025, primarily from equity offerings and Warrant exercises[113]. Capital Requirements and Risks - The Company anticipates that it will operate at a loss for the foreseeable future and will need to secure additional capital to finance construction and achieve commercial production[102]. - The estimated total upfront capital expenditure for the Elk Creek Project is approximately $1,141.0 million, with funding expected to come from a combination of debt and equity financing[106]. - The Company has no current funding commitments beyond potential advances under the Yorkville Equity Facility Financing Agreement and the exercise of Options and Warrants[107]. - The Company has historically relied on debt and equity financings to fund its activities, but faces uncertainty in securing additional financing due to market conditions[114]. - The Company has incurred losses since inception and will require additional capital to meet long-term operating requirements and achieve commercial production[108]. - The Company has limited financial resources compared to its proposed expenditures and no source of operating income, raising concerns about future funding availability[115]. Interest Rate and Currency Risks - The company is exposed to interest rate risk primarily related to earned interest income on cash deposits and short-term investments, balancing liquidity and interest rate returns[126]. - The company incurs expenditures in both U.S. dollars and Canadian dollars, with fluctuations in currency exchange rates potentially impacting operating costs[127]. - The company faces commodity price risk associated with elements related to the Elk Creek Project, which is not currently in production[128].

Core Insights - NioCorp Developments Ltd. is advancing its Elk Creek Project in Nebraska, aimed at producing critical minerals essential for electric vehicles, clean energy, and defense technologies [1] Group 1: Project Development - The company is focusing on drilling programs at Elk Creek to enhance resource estimates and improve feasibility study accuracy, which is crucial for future construction planning and attracting financing partners [2] - NioCorp completed the acquisition of additional land in Johnson County, securing all necessary surface and mineral rights for the planned underground mine and processing facility [4] Group 2: Funding and Financials - To support its progress, NioCorp raised approximately $60 million through two public offerings in fiscal 2025 and is pursuing a loan from the U.S. Export-Import Bank under the "Make More in America" program [3] - The company signed a $10 million agreement with the U.S. Department of Defense to support engineering and drilling work at Elk Creek [3] - The estimated capital required to move Elk Creek into construction and production exceeds $1.1 billion, which is critical for the company's future growth [5] Group 3: Market Performance - NioCorp's shares have increased by 335.4% over the past year, significantly outperforming the industry growth of 17.5% [8] - The company is currently trading at a forward price-to-earnings ratio of negative 19.58X, compared to the industry's average of 16.22X, indicating a lower valuation relative to peers [11]

Contact Us Back to the Newsroom NioCorp Completes All Land Acquisition Needed to Launch the Elk Creek Critical Minerals Project Monday, 10 November 2025 05:10 PM Topic:Â Company Update NioCorp Now Owns an Entire Square Mile Where it Plans to Site Both its Proposed Critical Minerals Mine and Surface Processing Facility Company Retains Additional Land Purchase Options to Support Potential Future Operations and Expansion CENTENNIAL, CO / ACCESS Newswire / November 10, 2025 / NioCorp Developments Ltd. ("NioCorp ...

Group 1 - The rare earth sector showed mixed performance on Friday, with MP Materials (MP.US) rising over 5.7% and Energy Fuels (UUUU.US) increasing by 1% [1] - Conversely, USA Rare Earth (USAR.US) experienced a decline of more than 1.6%, while NioCorp Developments (NB.US) fell over 3% [1]

Core Viewpoint - Rare earth stocks are gaining attention due to geopolitical tensions and trade issues, but not all stocks in this sector are viable for investment [1][19]. Group 1: Company Analysis - **Energy Fuels Inc.**: This company is a leading uranium producer in the U.S. and is expanding into rare earth processing, positioning itself to reduce dependence on China. After a 38% correction, projections suggest a potential rise to $34, with long-term options indicating a possible 40% return [4][5]. - **NioCorp Developments Ltd.**: Recently surged from $2 to over $12.50, currently at $8, which aligns with a 38% retracement level. The company focuses on critical minerals like niobium, scandium, and titanium, essential for various industries. The target price is set at $34, with options trading around $10 [7][8][9]. - **United States Antimony Corp.**: This company has seen significant price movement, from under $2 to nearly $20. It supplies antimony, crucial for multiple applications. The options market shows strong liquidity, making it an attractive long-term investment choice [12][14][15]. Group 2: Market Dynamics - The rare earth sector is experiencing momentum due to shifting supply chains, increased domestic production, and ongoing geopolitical tensions. However, only a few companies meet the criteria for serious long-term investments [19][20]. - The analysis indicates that while many are chasing rare earth stocks, only three have been identified as strong candidates for long-term growth based on rigorous evaluation [16][19].

Nebraska Governor Jim Pillen Will Headline the First of Two Events A Noon Luncheon is Planned along with an Evening Dinner With Speakers and Presentations at Both Attendees Must Pre-Register Here: https://www.niocorp.com/2025-town-hall-meeting-registration/ CENTENNIAL, CO / ACCESS Newswire / October 29, 2025 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB), a leading U.S. critical minerals developer, today announced plans to host two Town Hall meetings on Friday, December 5, 2025, to pro ...

Group 1 - The event is hosted by RedChip Companies, Inc. featuring NioCorp, which trades on NASDAQ under the ticker NB [1] - Key executives from NioCorp present include Mark Smith (Chairman, President, and CEO), Scott Honan (COO and President of Elk Resources), Jim Sims (Chief Communications Officer), and Alex Guthrie (Director of Investor Relations) [1] - The presentation will be followed by a Q&A session, with participants able to submit questions via the Zoom platform [2] Group 2 - A safe harbor statement is read, indicating that the call may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 [3] - Forward-looking statements include expectations, beliefs, goals, plans, or prospects expressed by management, and involve risks and uncertainties [4]

Core Insights - NioCorp Developments Ltd. has entered into an agreement with Lockheed Martin to support the development of a scandium-based defense technology [1] Company Summary - NioCorp is identified as a leading U.S. critical minerals developer, indicating its focus on essential materials for various industries, including defense [1] Industry Summary - The collaboration with Lockheed Martin highlights the growing importance of scandium in defense technology, particularly within advanced development programs [1]