Can NioCorp's Elk Creek Project Fuel Its Long-Term Momentum?

NioCorp Developments Ltd. NB is working to move its Elk Creek Project in Nebraska closer to production. The project is designed to produce niobium, scandium, titanium and rare earth elements, which are essential for electric vehicles, clean energy and defense technologies.

During fiscal 2025 (ended June 2025), the company focused on advancing drilling programs at Elk Creek to upgrade its resource estimates and improve the accuracy of its feasibility study. This work is expected to help NioCorp plan future construction and attract financing partners.

To fund its progress, NB raised about $60 million through two public offerings in fiscal 2025. It continues to work with the U.S. Export-Import Bank for a possible loan under the “Make More in America” program. The company also signed an agreement worth $10 million with the U.S. Department of Defense to support engineering and drilling work at Elk Creek.

In November 2025, NB completed the acquisition of additional land in Johnson County, which seems sufficient to host both its planned underground mine and surface processing facility. NioCorp now holds all surface and mineral rights needed to begin construction once project financing is finalized.

Despite these advancements, NioCorp’s future growth hinges on securing the substantial capital required, which is estimated at more than $1.1 billion, to move Elk Creek into construction and eventual production. If financing efforts succeed, the Elk Creek Project could strengthen the domestic supply chains for critical minerals and drive NB’s transformation from a development-stage company to a strategic U.S. producer.

Snapshot of Niocorp’s Peers

Among its major peers, B2Gold Corp. BTG is gaining from its ongoing strategy of maximizing profitable mine production, moving forward with its remaining development and exploration projects. A pickup in mine performance is expected to aid B2Gold’s gold production in the coming years. Production at Fekola is likely to increase in 2025, which also bodes well for B2Gold.

NB’s another peer, Barrick Mining Corporation B, continues to prioritize high-return investments, especially in Nevada, supported by successful exploration and ongoing project executions. Barrick Mining’s merger with Randgold strengthened its industry position, providing top-tier assets and notable synergies with Newmont in the Nevada joint venture. However, operational issues across certain mines are expected to lead to lower gold production in 2025, impacting Barrick Mining’s performance.

NB’s Price Performance, Valuation and Estimates

Shares of Niocorp have surged 335.4% in the past year compared with the industry’s growth of 17.5%.

From a valuation standpoint, Niocorp is trading at a forward price-to-earnings ratio of negative 19.58X against the industry’s average of 16.22X. NB carries a Value Score of F.
 

The Zacks Consensus Estimate for Niocorp’s fiscal 2026 (ending June 2026) earnings has remained steady over the past 30 days.

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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