Niocorp Developments
NB on Nasdaq. NioCorp plans to sell niobium, scandium, titanium, and rare earth products to manufacturers. Market value $505m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-7.36 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.46 a share, at its 1-year low
Over the past year the price has ranged from $3.40 to $12.58.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.04bn | 0.06bn | 0.15bn | 0.15bn |
Health checks
- Free cash flow positive0 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 416% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Over the past 12 months it spent $37 million more cash than it brought in, compared with $11 million a year earlier.
| Quarter to | Amount |
|---|---|
| September 2024 | -$2m |
| December 2024 | -$450,000 |
| March 2025 | -$5m |
| June 2025 | -$10m |
| September 2025 | -$44m |
| December 2025 | -$623,000 |
| March 2026 | $669,000 |
| June 2026 | Not reported |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 September 2026
- Next quarterly (estimated, 10-Q)
- 13 August 2026
Who owns it
None of the long-term investors we follow own it. 209 funds in all.
Largest holders overall
- BlackRock$44mAdded
- Brevan Howard Capital Management LP$34mAdded
- State Street$12mAdded
- Private Management Group$10m
- Geode Capital Management$10mAdded
- Citigroup$10mAdded
- Citadel Advisors$9mCut
- Northern Trust$6mAdded
- Vanguard Portfolio Management$6mAdded
- Goldman Sachs Group$5mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor6.2%+1.4 ptsSince 30 June 2026
- Kenneth GriffinPassive investorat least 4.3%+3.9 pts(filed with 6 related holders)Since 25 February 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 6.2%+1.4 pts | 30 June 2026 | |
Kenneth Griffin Passive investor | at least 4.3%+3.9 pts (filed with 6 related holders) | 25 February 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Niocorp Developments’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Sep 2026, and no later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.
“Based on that evaluation, the CEO and the CFO have concluded that, as of June 30, 2026, our disclosure controls and procedures were not effective due to a material weakness in internal control over financial reporting described below.”
Show the full paragraph
The management of NioCorp Developments Ltd. has evaluated, under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2026. Based on that evaluation, the CEO and the CFO have concluded that, as of June 30, 2026, our disclosure controls and procedures were not effective due to a material weakness in internal control over financial reporting described below.
From the 10-K filed 25 September 2026, Item 9A. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.