Highlights

• NioCorp raised $100M at $5.00/share to advance its Elk Creek critical minerals project in Nebraska, but the $1.14B development still requires EXIM's $780M debt financing approval to close the capital stack.
• While niobium and scandium economics are bankable with 75% ferroniobium offtake secured, the magnetic rare earth upside remains prospective and not yet incorporated into feasibility studies.
• Three key catalysts for investors: final EXIM loan approval, updated feasibility study with rare earth economics, and actual groundbreaking with sustained construction progress.

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NioCorp (NASDAQ: NB) (opens in a new tab) has priced a $100 million public offering (opens in a new tab) at $5.00 per share to advance its Elk Creek critical minerals project in Nebraska. The company says the funds will support working capital and move the project toward commercial operation. For investors, this is not just momentum. It is a reminder that Elk Creek remains a capital-intensive, unfinished build.

The Facts — and the Scale of the Ask

NioCorp plans to issue up to 20 million shares (or pre-funded warrants) for gross proceeds of approximately $100 million, through Maxim Group under an effective shelf registration. This follows $370M+ raised in 2025 and an ongoing $780M debt financing application with EXIM. Elk Creek’s 2022 feasibility study outlines total upfront CAPEX of approximately $1.14B

Here is the hard reality: without EXIM, the capital stack does not close.

EXIM: The Gatekeeper

NioCorp has cleared EXIM’s initial review stage and received a Preliminary Project Letter, but there is no final commitment. Due diligence remains ongoing. If EXIM financing fails to materialize, equity dilution would likely intensify. That is not speculation — it is project finance math. Equity today reduces risk only if debt follows.

What Is Bankable — and What Is Not

The Elk Creek project has documented reserves, permits, and metallurgy. Offtake agreements reportedly cover 75% of planned ferroniobium output and ~12% of scandium production. However, the frequently highlighted magnetic rare earth component (NdPr, Dy, Tb) is not included in the current feasibility economics.

That upside remains contingent on updated engineering and cost estimates.

In short, niobium and scandium are engineered; rare earths remain prospective.

Strategic Significance — With Conditions

Elk Creek is one of the most advanced U.S. niobium and scandium development projects. The Pentagon Title III award (up to $10M) adds policy weight.

But supply chains are built with debt closure and construction, not announcements.

Investors should focus on three measurable catalysts:

1. Final EXIM loan approval
2. Updated feasibility study incorporating rare earth economics
3. Groundbreaking and sustained construction progress

Capital is flowing. The question now is whether it converts into concrete and cash flow.