Company profile
NioCorp Developments: what it does, projects, funding and status (2026)
Development Nasdaq: NB HQ: Centennial, Colorado
NioCorp Developments Ltd (Nasdaq: NB), based in Centennial, Colorado, is a single-project developer building the Elk Creek niobium, scandium, titanium and magnet rare earth mine in southeast Nebraska. Its 2026 feasibility study shows $1.85B of initial capital, and it has an EXIM loan application of about $780M to $800M in technical review.
Verified through Oct 1, 2026
Status and timeline Report a correction All US rare earth companies
What does NioCorp Developments do?
NioCorp Developments is developing the Elk Creek underground mine in Nebraska and an integrated plant to make eight products: ferroniobium, scandium oxide, titanium tetrachloride, NdPr oxide, dysprosium oxide, terbium oxide and two rare earth carbonates.
NioCorp works at the mining and separation steps with a single project and no revenue. Its fiscal year ends Jun 30. In Dec 2025 it bought FEA Materials for $8.4M, and in Feb 2026 it began building the $44.6M underground portal at Elk Creek.
Which assets does NioCorp Developments hold?
NioCorp holds one asset, the Elk Creek project in Johnson County, Nebraska, with 360 Mt of resource at about 0.30% TREO. An underground portal is under construction, and the full mine and plant await financing.
| Asset | Location | What it does | Size or economics | Status |
|---|---|---|---|---|
| Elk Creek | Johnson County, southeast Nebraska | Underground mine and integrated plant for eight products | 40-year life; initial capital $1.85B; after-tax NPV $3.44B at 8% (2026 study) | Development; portal construction began Feb 26, 2026 |
| Underground portal | Elk Creek site | Access to the ore body | $44.6M budget; about $5.6M spent by Jun 30, 2026 | Under construction |
Who would buy from NioCorp Developments and how much could it make?
About 75% of NioCorp's niobium is under offtake and 12 t/yr of scandium is contracted. Over 40 years the plan is 205,464 t of ferroniobium, 25,923 t of NdPr oxide, 2,649 t of dysprosium oxide and 690 t of terbium oxide.
Those totals equal about 650 t/yr of NdPr oxide, 66 t/yr of dysprosium oxide and 17 t/yr of terbium oxide on average, which is a derived figure and not a forecast for any one year. The rare earth products have no published offtake in the sources checked.
Who runs NioCorp Developments and how has it raised money?
Mark Smith is NioCorp's chief executive. The company had 145,849,630 common shares outstanding on Sept 25, 2026 and raised about $467.2M of net equity in fiscal 2026, plus over $370M in 2025, including a $10M Department of War grant.
NioCorp says it needs $65M to $75M over the next twelve months and has engaged J.P. Morgan to assist with EXIM financing. The EXIM application received a Preliminary Project Letter on Apr 15, 2024 and moved to independent technical review in 2025; the loan amount is scaled to US jobs supported.
What is the timeline of NioCorp Developments?
NioCorp drilled Elk Creek from 2011, won its county and state permits by 2020 and raised substantial equity in 2025 and 2026. It started the portal in Feb 2026, released a new feasibility study in Aug 2026 and targets full construction in Dec 2026.
- 2011
Quantum Rare Earth Developments, NioCorp's former name, drills Elk Creek.
- 2014 to 2016
NioCorp runs its own drilling program.
- Jun 2, 2020
Nebraska issues the state air construction permit.
- 2022
A feasibility study shows an NPV of $2.35B and capital of $1.14B.
- Apr 15, 2024
EXIM issues a Preliminary Project Letter.
- 2025
EXIM advances to independent technical review; NioCorp raises over $370M including a $10M Department of War grant.
- Dec 4, 2025
NioCorp acquires FEA Materials for $8.4M.
- Feb 26, 2026
Construction of the underground portal begins.
- Aug 2026
The 2026 feasibility study is released.
- Sept 25, 2026
The company reports 145,849,630 shares outstanding in its fiscal 2026 annual report.
Next milestones
- Dec 2026
Full construction is targeted to start, subject to financing.
What government support has NioCorp Developments received?
NioCorp has a $10M Department of War grant, with about $8.1M received by Jun 30, 2026, and an EXIM loan application of about $780M to $800M in independent technical review. EXIM has not approved a loan.
| Agency and instrument | Amount | When | Status |
|---|---|---|---|
| Department of WarGrant. About $8.1M received by Jun 30, 2026 | $10M | 2025 | Closed |
| EXIMLoan application. Independent technical review; no final commitment | $780M to $800M | 2024 to 2026 | In review |
See the government support tracker.
What are the risks and unknowns for NioCorp Developments?
The main unknowns are the EXIM decision, the cost of a $1.85B build and the timing of financing. The company has no revenue and one project. This directory reports facts and gives no investment view.
- Financing: NioCorp says there is no assurance it will negotiate a final EXIM commitment, and EXIM's board must approve any loan.
- Cost growth: initial capital rose 62% between the 2022 and 2026 studies.
- Single asset: everything depends on Elk Creek, whose rare earths are a secondary stream by grade.
- Market concentration: niobium is the main product, so economics depend on that market as well as rare earths.
- Small team: 14 full-time employees as of Jun 30, 2026, ahead of a large construction program.
Questions about NioCorp
Is NioCorp a public company?
Yes. NioCorp Developments trades on the Nasdaq under the ticker NB. This directory shows tickers as facts and gives no investment advice.
Where is NioCorp headquartered?
NioCorp is headquartered at 7000 South Yosemite Street, Suite 115, in Centennial, Colorado. Its Elk Creek project is in Johnson County, southeast Nebraska.
Who is the CEO of NioCorp?
Mark Smith is NioCorp's chief executive and has led the Elk Creek development. The company had 14 full-time employees and 4 contractors at Jun 30, 2026.
Is NioCorp a rare earth company?
NioCorp is mainly a niobium and scandium developer. Its 2026 plan adds neodymium, praseodymium, dysprosium and terbium as products, but they are secondary by resource grade.
Has NioCorp received a government loan?
No loan has been approved. NioCorp has an EXIM application of about $780M to $800M in independent technical review, and a $10M Department of War grant, about $8.1M of which had been received by Jun 30, 2026.
Sources and verification
Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".
- OSTI review, Minerals Engineering 249 (Kashyap et al., 2026) Research paper
- NioCorp 10-K for fiscal 2026 (SEC) Official record
- NioCorp 2026 technical report summary, exhibit 96.1 (SEC) Official record
- Northern Miner: Elk Creek valued at $3.4B Independent press
- RedChip interview with CEO Mark Smith on the updated feasibility study Syndicated copy
- NioCorp: Elk Creek project page Company document
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