NioCorp Developments Ltd. disclosed its preliminary unaudited results for the first and second quarters of 2025, covering the periods ended December 31, 2025. The company posted a net loss of $0.8 million for the three‑month period, up from a $0.5 million loss in the same quarter of 2024, and an adjusted net loss of $5.3 million, more than double the $1.9 million adjusted loss reported a year earlier. For the six‑month period, the loss widened to $43.4 million, compared with $2.5 million in the prior year, while the adjusted loss rose to $13.6 million from $3.3 million. These figures reflect the company’s continued investment in the Elk Creek Critical Minerals Project, which drives the majority of its operating expenses.
The company’s cash position remains robust, with a record $307 million on hand as of December 31, 2025. Operating cash outflows for the six‑month period totaled $7.6 million, a modest amount relative to the cash balance and indicative of disciplined cash management amid heavy capital expenditures. The strong liquidity cushion supports ongoing drilling, feasibility studies, and the pursuit of financing opportunities, including a potential $780 million debt facility from the U.S. Export‑Import Bank and recent equity injections.
Project milestones highlighted in the release include a U.S. Department of Defense award of up to $10 million, the completion of an infill drilling campaign, and the acquisition of scandium‑alloy manufacturing assets from FEA Materials LLC. Land purchases for the Elk Creek site were finalized, and agreements with the DoD and Lockheed Martin were announced, underscoring the strategic importance of the project’s critical‑mineral outputs. These developments accelerate the de‑risking of the Elk Creek project and position NioCorp as a key domestic producer of niobium, scandium, titanium, and rare‑earth elements.
Management emphasized that the increased losses are a direct result of intensified drilling and feasibility‑study activities, which are essential to refining resource estimates and securing future financing. The company plans to file its unaudited interim condensed consolidated financial statements in the Form 10‑Q no later than February 16, 2026, and will continue to monitor cash flow and project milestones closely.
Strategically, NioCorp’s focus on critical minerals aligns with national security priorities and U.S. supply‑chain resilience initiatives. The company’s ESG framework, guided by the Equator Principles, and its commitment to sustainable mining practices reinforce its long‑term value proposition. While the company remains a development‑stage entity with no revenue, its strong cash position, active project de‑risking, and growing partnerships signal a solid foundation for future commercial operations.
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