What NioCorp Developments Ltd. told the SEC could break it.

Elk Creek's economics depend on niobium (ferroniobium), scandium and titanium prices; the 2022 feasibility study assumed a $47/kg Nb base price for 65% steel-grade ferroniobium, so a sustained price decline would impair project viability and offtake economics.

“The economic analysis in the 2022 Elk Creek Feasibility Study used the 2019 U.S. dollar base price of $47/kg Nb as the forward-looking price for steel grade (65%) ferroniobium based on published independent third-party reports.”

NioCorp has generated no revenue since inception and has no production history; advancing its sole Elk Creek Project to production requires significant capital and time, leaving it dependent on continued equity/debt financing that may not be available on acceptable terms.

“Since our inception, we have had no revenue from operations. We have no history of producing products from any of our properties. Our Elk Creek Project is a development stage property. Advancing our Elk Creek Project from a development stage property to a production stage property will require significant capital and time, and success”

NioCorp's entire business depends on the single Elk Creek carbonatite project in Nebraska, whose title may be subject to prior unrecorded agreements, transfers, native land claims or undetected defects that could impair its property rights.

“Our Elk Creek Project is located in Nebraska and may be subject to prior unrecorded agreements or transfers or native land claims, and title may be affected by undetected defects.”

NioCorp expects up to ~$10M in DoD reimbursement tied to Elk Creek project milestones; failure to achieve those milestones, rejection of reimbursement claims, or termination of the DoD Agreement would deprive it of expected critical-minerals government support.

“If the Company is not successful in achieving the milestones required under the DoD Agreement or if the reimbursements sought by the Company are rejected or the DoD Agreement is terminated prior to completion of all milestones, the Company may not receive all or even a significant portion of the payments as reimbursements for expenses incurred as expected under the DoD Agreement.”