NioCorp: Cautious About The Financing Optionality And Not The 2022 Project-NPV

NioCorp Developments is rated a speculative Buy with a conditional $6.50 price target, hinging on successful project financing for Elk Creek. NB's valuation is deeply discounted versus project NPV, reflecting significant construction and financing risks, with current liquidity only extending its operational lifeline. Project economics are based on 2019 costs, and the $1.141 billion capex requires substantial external financing; EXIM and Traxys agreements are not binding or sufficient. Equity dilution is a critical risk, as financing structure will materially impact per-share value; rerating depends on binding financing and updated project economics.

NioCorp Developments' ( NB ) equity value largely depends on financing Elk Creek, a project that has not generated revenues. As of the closing price of the stock on August 6, 2026, the illustrative gross-claim value was $881.4 million, and the basic