NioCorp Developments Reports $2.6 Million Net Loss, Improves Financial Position

NioCorp Developments Ltd. reported a net loss of $2.6 million for the six months ended December 31, 2024, a significant improvement compared to a loss of $6.8 million during the same period in 2023. The company’s total operating expenses for the first half of the fiscal year were $4.3 million, down from $6.4 million in the prior year. The reduction in losses is attributed to decreased exploration expenditures and lower professional fees, reflecting a strategic shift in operational focus as the company continues to advance its Elk Creek Project in Nebraska.

As of December 31, 2024, NioCorp's total assets stood at $17.9 million, a decrease from $20.1 million at the end of June 2024. The company’s cash and cash equivalents dropped to $477,000 from $2.0 million, while total liabilities decreased significantly from $17.5 million to $9.6 million. This reduction was primarily due to the repayment of convertible debt and the revaluation of warrant liabilities. The company’s accumulated deficit increased to $164.4 million, reflecting ongoing operational losses.

In terms of strategic developments, NioCorp successfully completed negotiations with landowners to extend option periods for four parcels of land related to the Elk Creek Project, securing additional time for project development. The company also closed two significant offerings in November 2024, raising approximately $6.0 million through a registered public offering and a private placement. These funds are intended to support ongoing project development and operational costs.

Operationally, NioCorp has not yet commenced mining operations and continues to rely on external financing to fund its activities. The company reported no revenue generation, emphasizing its reliance on equity and debt financing to sustain operations. As of December 31, 2024, the company had a working capital deficit of $3.1 million, an improvement from $9.0 million at the end of June 2024. The company’s employee headcount has increased, reflecting its ongoing efforts to build capacity for the Elk Creek Project.

Looking ahead, NioCorp faces substantial challenges in securing additional financing to support its operations and advance the Elk Creek Project to commercial production. The company has indicated that it will require between $12 million and $15 million in additional funds over the next year to meet its operational and project development needs. Management has expressed confidence in its ability to raise necessary capital but acknowledges the uncertainty surrounding market conditions and the potential for delays in financing.